VN stocks strike the best day in three months
VN stocks strike the best day in three months
Vietnamese shares logged its best daily rise in almost three months on Monday as market sentiment improved following the US presidential election.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange was up 1.46 per cent to 951.99 points and expanded its growth from a 0.95 per cent increase in the morning session.
That was the benchmark’s best daily growth since August 24 when it made a daily rise of 1.63 per cent.
The VN-Index increased by a total of 1.38 per cent last week.
Vietnamese shares mirrored Asia-Pacific markets and advanced as the market sentiment was lifted from concerns during the US presidential election, MB Securities Co (MBS) said in its daily report.
Large-cap stocks were the centre of attention on Monday. The large-cap tracker VN30-Index rose 1.61 per cent to 917.42 points.
The VN30 futures due on November 19 gained 1.62 per cent to 923.00 points, indicating investors were upbeat about the market’s short-term prospects.
Driving the large-cap sector up were company Masan (MSN), sugar producer Thanh Thanh Cong-Bien Hoa (SBT), steel producer Hoa Phat (HPG), and Vinhomes (VHM).
MSN and SBT shares soared 6.3 per cent and 5.0 per cent, respectively, lifting the food and beverage sector up 2 per cent, according to vietstock.vn.
By sector performance, the materials, seafood processing and brokerage were the three strongest-gaining industries with growth ranging from 2.6 per cent to 3.9 per cent.
Positive investor confidence also helped boost the mid-cap and small-cap sector up 1.93 per cent and 1.50 per cent on the southern bourse.
“Domestic investors were upbeat and pumped a large amount of cash into the market, thus lifting local stocks,” MBS said.
“Most sectors performed well, so the market may keep increasing in the next few days,” the company said.
“Next challenge for the VN-Index will be 970 points and there will some struggles at that level,” MBS added.
On the Ha Noi Stock Exchange, the HNX-Index rose 1.65 per cent to 141.61 points.
The northern market index soared total 2.93 per cent last week.
Nearly 450 million shares were traded on the two exchanges on Monday, worth VND8.62 trillion (US$371 million).
