VN-Index rises for fourth day

Thursday, Mar 01, 2018 08:00

Investors watch market movements at the SSI trading floor in Ha Noi. —VNS Photo Doan Tung

Shares rose for the fourth consecutive day yesterday on the HCM City Stock Exchange, largely on the strength of a handful of banking and energy blue-chips.

The benchmark VN-Index on the HCM Stock Exchange (HOSE) gained 0.17 per cent to settle at 1,121.54 points, falling from the intraday high of 1,129.89 points. It advanced by 0.46 per cent to close Tuesday at 1,119.61 points.

Meanwhile, the HNX Index on the Ha Noi Stock Exchange (HNX) inched up 0.60 points to end at 128.05 points. The index edged up 0.88 per cent to end at 127.29 points on Tuesday.

The UPCOM Index on the Unlisted Public Company Market (UPCoM) gained slightly 0.03 per cent to finish at 60.09 points. It rose 0.55 per cent to stand at 60.07 points on Tuesday.

More than 311.1 million shares were traded on the three local exchanges, worth VND9.2 trillion (US$406.2 million).

Market trading conditions were quite balanced yesterday, with 321 declining stocks against 330 gainers, while 796 other stocks remained unchanged.

Only 11 of the 30 largest shares by market capitalisation advanced in the VN30 Index.

The VN30 Index was up 0.19 per cent to 1.108,23 points, with more than 232.6 million shares exchanged, worth VND7.9 trillion.

Financial-banking and oil stocks were the best-performing among the 20 sectors in the stock market, with the banking and energy industry indices advancing 2 per cent and 2.25 per cent, respectively, according to vietstock.vn.

Banking Stocks, including the big gainers of Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG), up 4.67 per cent; Military Commercial Joint Stock Bank (MBB), rising 4.88; and JSC Bank for Investment and Development of Viet Nam (BID), gaining 2.23, attracted cash flow and led the market.

In addition, a number of blue chip stocks and petroleum stocks also supported the uptrend of the index, including PetroVietnam Technical Services Corporation (PVS), advancing 1.64 per cent and PetroVietnam Drilling & Well Services Corporation (PVD), up 4.55 per cent.

Foreign investors yesterday were net sellers of VND413.9 billion on HOSE, focusing on HPG (VND 102.7 billion), VNM (VND 68.1 billion) and BID (VND 34.5 billion). In addition, they sold a net of VND 54.78 billion on the HNX.

According to BIDV Securities JSC (BSC), the market was in a period of accumulation with the division in the industry. However, thanks to the return of cash flow, the index has remained in the green and approached the short-term target of 1,130 points.

“Investors should observe stocks which attracted cash flow such as HPG, MBB, SSI,” BSC said in its daily report.

According to Bao Viet Securities Company (BVSC), VnIndex can still retest the old peak. However, the index will have to struggle to increase due to the divergence.

“VnIndex is likely to move sideways around the old peak in the next few days,” it said. — VNS

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