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Vinamilk drives up the VN-Index

Update: November, 11/2017 - 09:00
Investors at the Tân Việt Securities Corporation’s trading floor in Hà Nội. — VNS Photo Đoàn Tùng
Viet Nam News

HÀ NỘI – Shares closed the week on a positive note as large caps, especially Vinamilk, extended gains on the two national stock exchanges.

The VN-Index increased by 7.8 points, or 0.91 per cent, to close Friday at 868.21 points on the HCM Stock Exchange. The benchmark index has expanded 3 per cent this week.

On the Hà Nội Stock Exchange, the HNX-Index edged up 0.48 per cent to end at 106.37 points. The northern market index has increased 2 per cent this week.

The highlight was Vinamilk (VNM) which hit the daily limit rise of 7 per cent on the day that the State Capital Investment Corporation (SCIC) made public the sale of 48.3 million shares of Vinamilk, an equivalent of 3.33 per cent of the dairy firm’s capital on Friday.

Over nine million VNM shares were traded at the price of VNĐ173,800 (US$7.66) per share, a record high in its trading history. Of which, foreign traders purchased a net 6.58 million shares worth VNĐ1.04 trillion, accounting for nearly 89 per cent of total foreign net buy value of nearly VNĐ1.2 trillion yesterday in HCM City.

As the biggest listed stock by market value, Vinamilk’s growth contributed nearly 77 per cent of the VN-Index’s rise yesterday.

Other blue chips also rose, supporting the market. Nineteen of the top 30 largest shares by market value and liquidity on the HCM City’s bourse advanced and only seven declined.

Substantial gainers included sugar maker Thành Thành Công Tây Ninh JSC(SBT), up 7 per cent; Bình Minh Plastics (BMP), up 4.5 per cent; Vietinbank (CTG), up 3.6 per cent; and Sacombank (STB), up 2.2 per cent.

According to BIDV Securities Co, the rise of large-cap stocks supported investor sentiment, which will help the indices continue to conquer new peaks.

“But investors also need to be careful with the stocks that have already risen far,” they cautioned in yesterday’s report.

The report cited shares of real estate giant VinGroup (VIC) which declined 3.8 per cent yesterday after 10 consecutive rising sessions. VIC’s price climbed over 20 per cent in the last 10 sessions thanks to the debut of its retail arm Vincom Retail on Monday.

Overall liquidity increased with a total of 227.6 million shares worth a combined VNĐ6.5 trillion ($286.3 million) traded in the two markets, up 15.4 per cent in volume and 27.5 per cent in value compared to the previous session. – VNS

 

 

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