VN stocks soar on positive outlook
VN stocks soar on positive outlook
Vietnamese shares advanced further Friday as investor sentiment was cushioned by recent strong recovery of the market and hopes for better corporate performances in 2018.
The benchmark VN Index on the HCM Stock Exchange gained 1.13 per cent to close at 1,062.07 points. After the last two sessions, it has almost regained a loss of 2.66 per cent made on Wednesday.
The minor HNX Index on the Ha Noi Stock Exchange edged up 0.41 per cent to end at 122.39 points. The northern market index has increased total 1.6 per cent in the last two days.
Both stock indices post a weekly growth this week with the VN Index rising 1.1 per cent in total after the last five trading sessions. The figure for the HNX Index is 1.3 per cent.
More than 417 million shares were traded on the two local exchanges, worth VND11.2 trillion (US$498 million).
The trading figures were up 14.4 per cent in volume and 28.2 per cent in value compared to the previous session, but still 15 per cent and 6.3 per cent lower than the record high numbers made on January 12.
Market trading was quite balanced with 258 gaining stocks, 237 declining stocks and 113 stocks closing unchanged.
Market sentiment clearly improved after stocks recorded strong growth in the previous session and “buying outweighed selling, pushing the price of many stocks,” Viet Dragon Securities Company (VDSC) said in its daily report.
Financial banking and building-material production were among the best-performing sectors to boost the stock market.
The strongest growth rates were seen in Vietcombank (VCB), Sacombank (STB), insurer Bao Viet Holdings (BVH), BIDV Securities (BSI), HCM City Securities (HCM), Saigon Securities Inc (SSI) and ceramics producer Viglacera (VGC).
“Stocks with strong outlook prospects in 2018 continued to rally,” VDSC said. Among those companies were steel producer Hoa Phat Group (HPG) and Phu Nhuan Jewelry JSC (PNJ) that jumped 6.6 per cent and 3.6 per cent to their all-time highs of VND59,700 and VND143,000 per share, respectively.
Among other stocks, petrol dealer Petrolimex (PLX) and budget carrier Vietjet (VJC) increased by 5.9 per cent and 7 per cent before the two stocks next week are added into the VN30 basket – the group of the 30 largest stocks by market capitalisation.
Vinacafe Bien Hoa JSC (VCF) surged 5.8 per cent after Masan Beverage Co Ltd – a member of the food and beverage producer Masan Group – announced it would purchase 31.54 per cent of Vinacafe Bien Hoa’s capital between January 26 and February 23. The deal would raise Masan’s ownership in the coffee producer to 100 per cent from the current 68.46 per cent.
Net foreign purchase was also another factor that supported market sentiment, according to VDSC. Foreign investors on Friday posted a net buy value of VND835.5 billion, raising their total net investment this week to VND2.7 trillion.
