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VN Index at ten-year high

Update: September, 27/2016 - 01:00
A trading session at Bảo Việt Securities Corp (BVSC). — VNA/VNS Photo Trần Việt
Viet Nam News

HÀ NỘI — The benchmark VN Index managed to hit a ten-year high on late buying after being pulled down below last week’s closing level by profit-taking.

The HCM Stock Exchange’s index struggled to gain 0.4 per cent to end at the new ten-year high of 677.04 points. The southern market index increased by 4 per cent in the last five days.

On the small bourse, the HNX Index of the Hà Nội Stock Exchange retreated 0.3 per cent from last week’s five-day rally of 1.2 per cent to finish at 83.11 points.

“The market was saved by strong purchasing in the late trading period of the session after struggling in the negative territory during the whole day,” Sài Gòn-Hà Nội Securities Corp (SHS) wrote in its daily report.

“The market’s late recovery was largely attributed to the gains in blue chip stocks, such as insurer Bảo Việt Holdings (BVH), dairy company Vinamilk (VNM), real estate firm Vingroup JSC (VIC) and Vietcombank (VCB).”

Those stocks were pulled down by profit taking in the morning session before managing to extend their gains from Friday’s closing prices.

BVH jumped 4 per cent to surged more than 16 per cent in the last six days, VIC was up 0.8 per cent to rise a total 5.7 per cent in the last five sessions, and VCB edged up 0.7 per cent.

VNM went up 0.7 per cent after the State Capital Investment Corporation (SCIC) announced it would try to complete selling its ownership in the largest listed company by the end of this year.

“The market also received support from speculative stocks, which are expected to achieve higher results in the third quarter of the year,” BIDV Securities Corp (BSC) said.

Those stocks included plastic companies Bình Minh Plastic JSC (BMP), Tiền Phong Plastic JSC (NTP), and healthcare industries Domesco Medical Import Export Corp (DMC), Dược Hậu Giang Pharmaceutical JSC (DHG).

DMC jumped 3.9 per cent, DHG rose 2.3 per cent, BMP was up 2 per cent and NTP edged up 0.6 per cent.

On the opposite side, investors tried selling their stocks, which had made good gains, to gain profits.

Truck distributor Hoàng Huy Investment Services JSC (HHS) dropped 1.7 per cent after soaring nearly 28 per cent in the previous five days.

Consumer goods firm Masan Group (MSN) inched down 0.1 per cent from a five-day increase of 9.2 per cent.

PetroVietnam Mud Drilling Corp (PVC) fell 1.9 per cent from a four-day gain of 2.7 per cent.

Investors exchanged nearly 200 million shares on the two local bourses, worth more than VNĐ4.48 trillion (approximately US$200 million). — VNS 

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