Friday, November 24 2017

VietNamNews

City shares led forwards by banks

Update: January, 07/2017 - 09:00
VN-Index rose for a fourth consecutive session on Friday, extending weekly gains to 2.2 per cent. — Photo http://dantri.com.vn
Viet Nam News

 

HÀ NỘI – Shares rose for a fourth consecutive session on the HCM Stock Exchange on Friday but profit-taking selling increased which may disrupt the uptrend next week.

On the HCM Stock Exchange, the VN-Index edged up 0.6 per cent to close at 679.8 points and extended weekly gains to 2.2 per cent.

On the Hà Nội Stock Exchange, the HNX-Index rose 0.9 per cent to end at 82.1 points, the highest level since November 2.

The northern index expanded 2.5 per cent this week.

Bank stocks momentum continued with eight of nine listed banks posting gains.

Four of six lenders on the HCM City’s exchanges increased more than 2 per cent, including Vietcombank (VCB), BIDV (BID), Sacombank (STB) and Eximbank (EIB). Military Bank (MBB) leapt 1.9 per cent while Vietinbank (CTG) inched up 0.9 per cent.

On Hà Nội bourse, Asia Commercial Bank (ACB) and Sài Gòn-Hà Nội Bank (SHB) climbed 5.2 per cent and 4.4 per cent, respectively.

According to analysts at Vietstock Finance, investors are betting on stocks which promise positive earnings prospects.

However, profit-taking pressure began to appear as the number of falling shares increased in the last session of the week, they wrote in a market report.

Overall conditions were negative as losing stocks outnumbered gaining ones by 241-195 while 322 others closed flat.

Many large-cap stocks declined such as steelmakers Hòa Phát Group (HPG) and Hoa Sen Group (HSG), Vinamilk (VNM), PV Gas (GAS) and PetroVietnam Drilling and Wells Service (PVD).

Liquidity increased with a total of 153 million shares worth VNĐ3.24 trillion (US$143.4 million) traded in the two markets, up nearly 21 per cent in volume and 41 per cent in value compared to the previous session.

Foreign investors ended as net buyers for the whole week on the two markets, responsible for total net value of VNĐ125.4 billion, a sharp increase compared to just VNĐ29 billion worth of net buy value on Thursday.

However, their buys focused on shares of brewery giant Sabeco (SAB) with a net value of VNĐ108 billion. – VNS

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