Shares maintain upward trend
Shares maintain upward trend
Shares on the two stock exchanges opened this week’s trading with gains as investors demonstrated their rising confidence in the market outlook.
On the HCM Stock Exchange, the VN-Index edged up 0.25 per cent to close Monday at 807.87 points. The key market index rose 0.6 per cent over last week and 21.5 per cent since the beginning of this year.
On the Ha Noi Stock Exchange, the HNX-Index ended up 0.62 per cent at 105.13 points.
The northern market index increased 0.54 per cent from the previous week while growing 31.2 per cent compared to the end of last year.
The overall market breadth was positive with 271 stocks on the two exchanges advancing, 182 declining and 279 remaining unchanged.
Large-cap stocks continued to lead the market upturn as 20 of the top 30 largest stocks by market value and liquidity on the HCM City’s bourse gained value and 10 slumped.
Stocks that made gains include industry leaders such as Vinamilk (VNM), brewer Sabeco (SAB), real estate giant VinGroup (VIC), lender BIDV (BID), Vietinbank (CTG), steelmakers Hoa Phat Group (HPG) and Hoa Sen Group (HSG), IT group FPT (FPT), mobile phone retailer Mobile World Group (MWG) and private equity Masan Group (MSN).
Rises in global oil prices also supported oil stocks, with major companies such as PetroVietnam Drilling and Well Services (PVD), PetroVietnam Technical Services (PVS), PetroVietnam Coating (PVB) and PetroVietnam Drilling Mud (PVC) gaining between 1.2-6.8 per cent each.
Oil prices rose for a fifth straight session last week with the West Texas Intermediate (WTI) future increasing 4.9 per cent to US$49.8 per barrel while Brent crude closed with a 3.3 per cent rise to $55.5 per barrel on Friday.
“This bullish session sent more positive signals than in the earlier weeks with higher capital spreading and a recovery in the market liquidity,” said Tran Duc Anh, a stock analyst at Bao Viet Securities Co.
Anh said investor sentiments have improved with greater purchasing demands even in high price zones.
A total of 254 million shares worth nearly VND4.6 trillion ($202.6 million) were traded in the two markets, up 35.5 per cent in volume and 15 per cent in value compared to last week’s average daily trading volume and value in the two markets.
“It’s highly probable that the current upward trend will be maintained in the short term, with the largest increases from the stocks with supportive information and positive third-quarter results,” Anh wrote in a market report yesterday.
