VN stocks rally for a third session
VN stocks rally for a third session
Vietnamese shares rose for a third session on both local markets on Friday, boosted by financials, energy firms and property developers.
The benchmark VN Index on the HCM Stock Exchange gained 0.24 per cent to close at 771.63 points. It has rallied total 1.4 per cent over the last three sessions.
The HXN Index on the Ha Noi Stock Exchange added 0.34 per cent to end at 102.64 points, extending its gain for a third day with total growth of 1.8 per cent.
The three-day rallies of the two indices helped them recoup losses made in the first two sessions of the week and end this trading week higher than the previous one.
The VN Index posted a weekly gain of 0.3 per cent and the HNX Index rose 1.8 per cent week on week.
More than 287.3 million shares were traded on both local exchanges on Friday, worth VND4.2 trillion (US$186.8 million).
The trading figures on Friday were increases of 6.6 per cent in volume and 1.4 per cent in value compared to Thursday.
Energy, property and banking-financial stocks were behind the market’s gains on Friday, according to vietstock.vn.
Among the three industries, the real estate sector index posted the biggest gain of 1.7 per cent, led by FLC Group (FLC), An Duong Thao Dien JSC (HAR), Vingroup (VIC) and Hoang Quan Consulting-Trading-Service Real Estate Corp (HQC).
Financial stocks such as banks, securities firms and insurance companies also performed well.
Seven of the 10 bank stocks advanced between 0.1 per cent and 2.8 per cent, including freshly-listing VPBank (VPB), MBBank (MBB), Eximbank (EIB) and Asia Commercial Bank (ACB).
The brokerage and insurance groups were pulled up by Sai Gon Securities Inc (SSI), Agribank Securities (AGR), PetroVietnam Insurance Corp (PVI) and Bao Viet Holdings (BVH).
A strong rebound of oil prices also helped energy stocks increase. Brent crude was up 0.6 per cent to trade at $52.39 a barrel.
Among energy stocks, which saw share prices up, were PetroVietnam Coating (PVB), PetroVietnam Drilling and Well Services (PVD) and PetroVietnam Mud Drilling (PVC).
According to BIDV Securities (BSC), the recent market rallies could be a short-term recovery and may not be stable as investors concentrate on trading speculative stocks such as FLC, Faros Construction (ROS) and Dat Xanh Real Estate Services and Construction (DXG).
Meanwhile, they (investors) did not pay attention to large-cap stocks as only 35 million large-cap shares were traded on both local bourses, equal to 12 per cent of the market’s total trading volume, BSC said.
The Ha Noi-based brokerage suggested investors be cautious with those speculative stocks and delay trading until the money flows back to large-cap stocks in coming sessions, bringing the VN Index up to test the level of 775 points.
