VN-Index breaks 1,000 point level
VN-Index breaks 1,000 point level
The VN-Index broke the 1,000-point threshold on Wednesday, closing up 0.99 per cent at 1,005.67 points, despite increasing profit-taking pressure towards the end of the session.
This was the highest level since November 9, 2007.
Large-cap stocks were mixed with 17 of the top 30 largest shares by market value and liquidity (VN30) on the HCM Stock Exchange gaining value and 12 losing.
The main supporters included brewer Sabeco (SAB), up 5 per cent; Masan Group (MSN), up 3.2 per cent; VinGroup (VIC), up 2.9 per cent; PV Gas (GAS), up 2.2 per cent; Mobile World Group (MWG), up 2 per cent; and Vinamilk (VNM), up 1.7 per cent.
Meanwhile, strong selling pressure sent bank stocks down on Wednesday with five of seven listed lenders on the HCM Stock Exchange losing value and only two gaining.
The Big Three (three biggest banks by market value) – Vietcombank (VCB), Vietinbank (CTG) and BIDV (BID) – declined by less than 1 per cent.
“After surpassing the psychological resistance level of 1,000 points, the VN-Index might continue increasing,” analysts at BIDV Securities Co wrote in a report yesterday.
The report showed that there were times when the VN30 overtook the VN-Index, which showed investor attention was concentrated on VN30 stocks, and advised investors to consider increasing the exposure in VN30 as cash inflow keeps shifting into this group.
Over 237 million shares worth VND6.34 trillion (US$278 million) were traded on HCM City’s exchange, of which trade in the VN30 stocks made up nearly 60 per cent of total trading value, worth VND3.55 trillion.
On the Ha Noi Stock Exchange, the HNX-Index posted modest growth of 0.27 per cent, ending Wednesday’s session at 119.19 points, with nearly 87 million shares worth VND1.75 trillion being traded.
Overall market condition was negative, however, with the number of losing stocks outnumbering gaining ones by 265-229 on the two exchanges. Meanwhile, another 229 stocks closed flat.
Foreign investors ended yesterday as net buyers again with net value of VND254 billion, lifting the two-day net buying value to VND544 billion in the two markets.
Their buys focused on large caps, with nine of their top 10 stocks with biggest net buy value were VN30 stocks. VinGroup and Vinamilk topped their list with values of VND67 billion and VND35.8 billion, respectively.
