VN Index at 9-year high before Tết

Thursday, Jan 26, 2017 08:21

The VN Index on the HCM Stock Exchange climbed to a nine-year high in the last trading session of the lunar new year as investor confidence was positive on expectations for a better trading year when the market returns after the Tet holiday.

Investors at Bao Viet Securities Co. The benchmark VN Index yesterday touched a nine-year high before the Tet holiday begins. — VNS Photo Viet Thanh

Viet Nam’s stock market will enjoy a one-week break starting today until February 2, so that investors can enjoy the traditional Tet holiday with their families.

The benchmark VN Index closed at 697.28 points, up 0.9 per cent from Tuesday. The southern market has increased by total 2.2 per cent in the last four days.

The HNX Index on the Ha Noi Stock Exchange also rose 0.9 per cent to finish at 84.46 points, lifting its gain of total 1.7 per cent for a second day.

High investor confidence had a positive effect on most stock market sectors, with 17 out of 20 improving, according to vietstock.vn.

The energy, property and construction industries showed the best growth in yesterday’s session.

Those sectors were attractive to investors on expectations that the companies will release positive earnings reports for the last quarter and the whole year of 2016.

In the energy sector, PetroVietnam Gas Corp (GAS) grew 0.2 per cent, while PetroVietnam Coating Corp (PVB), PetroVietnam Drilling and Well Services Corp (PVD) and PetroVietnam Technical Services Corp (PVS) rose between 1 per cent and 2.9 per cent.

The property sector was boosted by Hoang Quan Consulting Trading Service Real Estate Corporation (HQC), Vingroup (VIC) and Sai Gon Thuong Tin Real Estate JSC (SCR).

VIC and SCR added 1.2 per cent and 0.5 per cent, respectively, while HQC advanced 1.9 per cent to rally total 16.5 per cent for a third day after the company said it will buy back 50 million shares between January 25 and February 23.

Finance-banking stocks also performed well. Among those companies, Sai Gon-Ha Noi Bank (SHB) gained 2.1 per cent, Sacombank (STB) jumped 3.6 per cent, Vietcombank (VCB) went up 1.8 per cent and Sai Gon-Ha Noi Securities Corp (SHS) increased by 2 per cent.

Market trading liquidity remained modest compared to the previous sessions as investors were unwilling to make further purchases on the last day of the lunar year to avoid risks.

Nearly 125.7 million shares were exchanged across the two local exchanges, worth VND2.36 trillion (US$105 million). Yesterday’s figures increased by 9.7 per cent in trading volume and 12.6 per cent in trading value compared to Tuesday. — VNS