VN-Index makes progress on purchase power

Friday, Aug 09, 2019 07:03

Tan Cang-Cai Mep International Terminal, the second largest container port in Viet Nam. Seaport stocks were on an upswing. Tan Cang Warehousing Joint Stock Company (TCW) hit the daily limit rise of 7 per cent. — Photo

The VN-Index made gains on Thursday thanks to increasing buying power on large-cap stocks.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 0.96 per cent to close at 975.24 points.

The VN-Index had gained 0.14 per cent to close at 965.93 points on Wednesday.

More than 219 million shares were traded on the southern bourse, worth VND8.7 trillion (US$372 million).

According to BIDV Securities Company (BSC), VN-Index had a positive trading session in accordance with the general trend in the region along with clear improvement in liquidity thanks to the market easing action of the world's central banks.

“Among them is the central bank of China, which fixed the central exchange rate of RMB7,039 to US$1, stronger than experts' forecast. This shows that the central bank is trying to keep the currency relatively stable,” BSC said.

At the end of the trading session, the market recorded strong gains of blue-chips such as Vinhomes (VHM), Vingroup (VIC), Hoa Phat (HPG), Vincom Retail (VRE), Bao Viet Holdings (BVH) and Asia Commercial Bank (ACB). Of which, VHM increased by 1.8 per cent to VND84,500 per share. VIC rose by 3.4 per cent to VND122,000 per share. HPG soared by 5.4 per cent to VND23,300 per share.

Seaport stocks were on an upswing. Tan Cang Warehousing Joint Stock Company (TCW), Doan Xa Port (DXP), Dong Nai Port (PDN), Viconship (VSC), Dinh Vu Port (DVP), Tan Cang Logistics & Stevedoring Joint Stock Company (TCL) and Hai An Transport & Stevedoring JSC (HAH) all hit the daily limit rise of 7 per cent.

Shares of real estate, construction, logistics, insurance, securities, banks and energy companies became attractive to investors on Thursday.

The sector indices gained between 0.4 per cent and 4.8 per cent, data on showed.

Investors may be looking for short-term earning opportunities in those sectors.

Large-cap stocks performed well enough to cushion the market.

The VN30-Index that tracks the performance of the 30 largest stocks by market value and trading liquidity was also up 0.87 per cent to 875.81 points.

Seventeen of the 30 stocks in the VN30 basket advanced while eight declined.

On the Ha Noi Stock Exchange, the HNX-Index increased 0.99 per cent to end at 102.90 points.

The northern market index was unchanged at 101.89 points on Wednesday.

Nearly 25.7 million shares were traded on the northern market, worth VND370 billion. — VNS


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