Thursday, August 24 2017

VietNamNews

Shares up before holiday break

Update: April, 29/2017 - 08:52
An investor studies stock movements at the Tân Việt Securities Company. — VNS Photo Đoàn Tùng
Viet Nam News

HÀ NỘI — Shares advanced for a second session in the two local markets on Friday as investor confidence remained positive before the national holiday.

The benchmark VN Index on the HCM Stock Exchange edged up 0.17 per cent to close at 717.73 points. The key stock index gained total 1.4 per cent in the last three sessions.

The smaller HNX Index on the Hà Nội Stock Exchange added 0.25 per cent to finish at 89.54 points. The northern market index made up a three-day rally of 1.9 per cent.

Friday’s gains also helped the two local indices end this week higher than the previous week. The VN Index was up 0.7 per cent after one week and the HNX Index rose 0.8 per cent.

More than 243.8 million shares worth VNĐ4.98 trillion (US$221.2 million) were traded on both local bourses.

Shares in eleven of the 20 sectors in the stock market increased, including banks, food and beverage producers, construction firms and property developers.

The banking sector was driven up by Asia Commercial Bank (ACB), MBBank (MBB) and Vietcombank (VCB), which gained between 0.7 per cent and 3.9 per cent.

Việt Nam’s largest dairy producer Vinamilk (VNM) and the two sugar producers Thành Thành Công Tây Ninh (SBT) and Biên Hòa Sugar (BHS) also recorded gains.

VNM rose 1 per cent while the two sugar companies saw their shares hit the daily trading limit of 6.8 per cent and 6.9 per cent on expectations they will merge in the near future.

Among real estate and construction companies, Faros Construction (ROS), Sài Gòn Thương Tín Real Estate (SCR) and Việt Nam Construction Import-Export Corp (VCG) were among strongest gainers.

Worst performing industries on Friday included energy producers, securities companies and rubber producers.

The energy sector was hit by a two-day decline in oil prices. Brent crude shed 1.3 per cent in total from Tuesday’s level to close Thursday at $51.44 a barrel.

The stock market had a good trading session on Friday to recover with increased trading liquidity as investors helped scoop in stocks that suffered from profit-taking in the intraday trading, Sài Gòn-Hà Nội Securities (SHS) said in its report.

The current market conditions suggested that the VN Index would not increase strongly in the coming sessions and the benchmark would face a strong test when it approaches the level of 720 points, SHS said.

The stock market will be off next Monday and Tuesday for the national holiday. Trading will resume on Wednesday. — VNS

 

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