VN-Index rise on large-cap stocks
VN-Index rise on large-cap stocks
Shares rose yesterday on the two exchanges as investors returned to purchase large-cap stocks with support information in expectation of a further expansion.
The benchmark VN-Index on the HCM Stock Exchange added 0.6 per cent, trimming the weekly loss to 0.3 per cent.
On the Ha Noi Stock Exchange, the HNX-Index inched up 0.3 per cent to 79.6 points and narrowed this week’s decline to 2 per cent.
HCM City-listed brewery giant Sabeco (SAB) continued to hit the ceiling price of a 7 per cent rise yesterday, settling at VND161,500 (US$7.11) per share. SAB saw an impressive gain of 46.8 per cent after four trading days since its debut on Tuesday.
Foreign traders yesterday collected nearly 2.9 million shares of Sabeco at the price of VND150,000 each, equivalent to VND433 billion, through negotiated trade.
Other gainers included large-cap companies with support information, such as Vinamilk (VNM), up 0.6 per cent; insurer Bao Viet Holdings (BVH), up 1 per cent; and PV Gas (GAS), up 1.5 per cent.
Thai Fraser&Neave (F&N) announced a tender to buy a 5.4-per-cent stake of Vinamilk at the starting price of VND144,000 a share on the forthcoming December 12 share auction, while PV Gas yesterday approved the plan of paying a 23-per-cent dividend for 2016.
The market was being driven by movements of large-cap stocks and newly listed shares that would make it unpredictable, stock analysts at Vietnam Investment Securities Co wrote in a note.
The VN-Index rose 4.18 points, or 0.63 per cent, yesterday but Sabeco contributed 3.3 points to the market’s gain while GAS put in 0.84 points and VNM 0.38 points.
Overall market condition was negative, however, with 247 stocks declining, 175 advancing and 273 closing flat.
“The VN-Index is unlikely to rise strongly in the context of the forthcoming December 13-14 meeting of the European Central Bank,” analysts at Sai Gon-Ha Noi Securities Co wrote in a note.
Market analysts expect ECB to extend its stimulus campaign that will continue to channel capital to the stock market if it goes through.
Trading volume was almost unchanged with a total of 176 million shares traded on the two markets but the value of trades increased 14.3 per cent over Thursday to reach nearly VND3.2 trillion (nearly $141 million).
Foreign investors lifted their sells yesterday with total net value of over VND375 billion on the two exchanges. Their net sell value touched over VND843 billion for the whole week.
