VN-Index soars to 8-month high
VN-Index soars to 8-month high
The VN-Index soared to an eight-month high yesterday, adding more than 16 points or 2.94 per cent to close the session at 569.73 points.
Blue chips led the market rally yesterday as two-thirds of the top 30 shares in terms of market value and liquidity gained value, including Bao Viet Holdings (BVH), Hoang Anh Gia Lai Co (HAG), Saigon Securities Inc (SSI), PetroVietnam Drilling and Wells Service Corp (PVD) and dairy giant Vinamilk (VNM).
VNM led the gainers with a rise of 4.6 per cent to finish the session at VND10,3000 (US$4.81) per share.
Outside the VN30, PV Gas (GAS) hit the ceiling price of VN74,000 ($3.46) following the news that the company would buy back 10 million shares in this quarter at the maximum price of VND100,000 a share.
The overall market condition was positive as advancers overwhelmed decliners by 110-61 and the other 82 codes closed flat. The VN30, which tracks the top 30 shares here, climbed 1.9 per cent to end at 618.41 points.
Stable money inflow throughout the session was one of the biggest market supports. Both market volume and value jumped 40 per cent compared with the previous session, totaling 107.5 million shares worth VND1.874 trillion ($87.6 million).
FLC Group (FLC) was again the leading share with 10.8 million shares traded, climbing 1.85 per cent to close at VND11,100 a share.
On the Ha Noi Stock Exchange, the HNX-Index also added 1.83 per cent to finish at 85.65 points. Liquidity also improved here as the trading volume increased 30 per cent over Thursday, reaching nearly 56 million shares, while the value of trades grew 25 per cent to VND737 billion ($34.4 million).
Sai Gon-Ha Noi Bank (SHB) was the most active stock yesterday on trades of 9.2 million shares, increasing 4.65 per cent to settle at VND9,000 a share.
Investors became more confident after rumours that the central bank held a meeting yesterday to revise Circular 36. Issued in November, the circular stipulates that banks cannot lend more than 5 per cent of their charter capital to stock investments. Investors hoped the authority would ease this lending cap to bring more money into the stock market.
Foreign investors continued to sell local shares in the HCM City market yesterday but at a slower pace, selling VND1.44 billion ($67,300) worth of shares. They remained net buyers in Ha Noi, picking up shares worth more than VND14 billion ($654,200).
