VN stocks rises for a fourth day
VN stocks rises for a fourth day
Viet Nam’s benchmark VN Index increased for a fourth straight session on Wednesday on investor confidence in both the corporate sector and the country’s overall economy in the fourth quarter.
The HCM Stock Exchange index gained 0.26 per cent to close at 968.46 points, bringing a four-day growth total of 2.36 per cent.
More than 235.8 million shares were traded on the southern bourse, worth VND5.9 trillion (US$262.5 million).
The market trading condition was balanced with 138 gaining stocks, 140 declining ones and 48 that were steady across the southern exchange.
The mixed performance was also seen among large-cap stocks, as 16 of the 30 largest companies by market capitalisation in the VN30 basket advanced against 13 losers, pushing the large-cap VN30 Index up 0.24 per cent to 958.02 points.
Much of the market growth was attributed to the rise of banks, insurance companies, energy firms and food and beverage producers.
According to KIS Viet Nam Securities Company (KIS), investors were betting on those four industries as those firms could release positive earnings reports for the fourth quarter and the whole year.
None of the seven listed banks on the southern exchange declined. Gainers included Vietcombank (VCB), Sacombank (STB), MBBank (MBB) and Bank for Investment and Development of Viet Nam (BID).
Viet Dragon Securities Company (VDSC) said in its daily report that bank stocks had performed well recently and their prospects for 2018 would be quite bright.
The four bank stocks had recovered from their one-month lows recorded on December 13. VCB had gained total 19.3 per cent since then, while the figures for STB, MBB and BID were 7.1 per cent, 8 per cent and 2.1 per cent, respectively.
The other gaining sectors were lifted by insurer Bao Viet Holdings (BVH), PetroVietnam Gas (GAS), dairy producer Vinamilk (VNM), PetroVietnam Drilling and Well Services (PVD) and steel producer Hoa Phat Group (HPG).
Net foreign purchases also reflected a positive market sentiment as foreign investors posted a net buy value of VND342.6 billion – up 121 per cent from the previous session.
The General Statistics Office on Wednesday estimated Viet Nam’s 2017 growth rate could be 6.81 per cent – higher than the figures recorded in the 2011-16 period.
BIDV Securities Company (BSC) said in a note that the benchmark VN Index could rise further in the last sessions of the year and head to the 970-point level.
However, BSC warned that the stock market is at high risk as investors begin to sell off energy stocks, which could diminish the market growth in the short term.
On the Ha Noi Stock Exchange, the HNX Index was up 1.33 per cent to end at 115.58 points. It has increased by a total of 2.25 per cent in the last three days.
More than 56.4 million shares were traded on the northern market, worth VND971.8 billion.
