Shares soar on huge cash injection, VN-Index hits fresh peak
Shares soar on huge cash injection, VN-Index hits fresh peak
Shares advanced for five straight sessions to reach a fresh peak, bolstered by a dramatic injection of cash flow into banking and securities stocks, pushing up indices.
On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index gained 1.75 per cent, to hit a new peak of 1,364.28 points.
It had risen 4.7 per cent during the last five trading sessions.
The market breadth was positive with 339 stocks climbing, while 75 stocks fell and 47 ended flat.
The liquidity was extraordinarily high as local investors poured VND29.3 trillion (US$1.27 million) into the southern market, equivalent to a trading volume of nearly 899 million shares. This is the highest trading volume HoSE has ever recorded.
Strong cash flow poured into blue-chips, spurring the market’s gains. Among the most notable gainers were insurer Bao Viet Holdings (BVH), PetroVietnam Gas JSC (GAS), steel maker Hoa Phat Group (HPG), Vingroup (VIC), dairy firm Vinamilk (VNM), brewery company Sabeco (SAB) and Mobile World Group (MWG).
Bank stock prices have witnessed a substantial increase such as Agribank Securities Corporation (AGR), Asia - Pacific Securities Joint Stock Company (APS), Viet Nam Bank For Industry & Trade Securities JSC (CTS), Military Bank (MBB), Petrovietnam Securities Incorporated (PSI), Sacombank Securities Joint Stock Company (SBS), VNDirect Securities Co (VND), FPT Securities Joint Stock Company (FTS) and Lien Viet Post Bank (LPB).
The VN30-Index, which tracks the 30 biggest stocks on HoSE, increased 1.73 per cent to finish Thursday at 1,504.37 points.
Of the VN30 basket, 28 stocks increased while two dropped.
“VN-Index gradually increased from the beginning of the morning to the end of the afternoon session surpassing the threshold of 1,360 points,” said BIDV Securities Co.
“Investment cash flow increased strongly although foreign investors were still net sellers on both the HoSE and HNX.
“Besides, market breadth turned positive with increased liquidity compared to the previous session. According to our assessment, VN-Index may have a short-term correction in the last trading session of the week,” it said.
On Ha Noi Stock Exchange (HNX), the HNX-Index rose 2.45 per cent to close Thursday at 329.95 points.
It had risen 1.12 per cent to close Wednesday at 322.05 points.
During the session, over 229 million shares were traded on the northern market, worth over VND5.4 trillion.
