Wednesday, November 14 2018

VietNamNews

Confidence continues on VN-Index

Update: March, 31/2017 - 10:05
Shares advanced for a second day on the two exchanges on Thursday as investors continued to show their confidence in the market outlook. — VNA/VNS Photo 

HÀ NỘI — Shares advanced for a second day on the two exchanges on Thursday as investors continued to show their confidence in the market outlook.

The benchmark VN-Index on the HCM Stock Exchange retreated from the day-high at nearly 726 points to close at 723.9 points, up 0.5 per cent over the previous session, and the highest recorded since February 20, 2006.

On the Hà Nội Stock Exchange, the HNX-Index edged up 0.5 per cent to end at 91.1 points. The northern market index inched up 0.1 per cent on Wednesday.

Liquidity remained positive with a total of 242 million shares worth VNĐ4.3 trillion (US$190.4 million) being traded in the two markets.

Big firms in pharmaceutical, food-beverage and financial industries led the upturn.

Drug companies were the biggest gainers with an average industry growth of 2.83 per cent on Thursday.

Shares of DHG (DHG) and Traphaco (TRA) climbed 0.6 per cent each thanks to their rosy earnings results.

Net profit of DHG Pharmaceutical increased by VNĐ33 billion at the end of 2016, or 15 per cent year-on-year, after audit to over VNĐ255 billion. Meanwhile, Traphaco on Thursday report in its annual shareholders’ meeting an after-tax profit of VNĐ210 billion in 2016, a year-on-year growth of 18 per cent. It has targeted a net profit of VNĐ240 billion this year, up 14 per cent year-on-year.

Other drug manufacturers like Imexpharm Corp (IMP) and Benovas Pharmaceutical (DCL) also rose substantially.

In the food and beverage group, the two biggest listings, dairy giant Vinamilk (VNM) and brewery Sabeco (SAB) increased by 1.6 per cent and 1 per cent, respectively, both accounting for 0.26 per cent of the VN-Index’s growth.

Banks lost their morning gains when Vietcombank (VCB), the second biggest listed lender, decreased 0.3 per cent. However, five other banks including BIDV (BID), Military Bank (MBB), Sacombank (STB), Asia Commercial Bank (ACB) and Sài Gòn-Hà Nội Bank (SHB) leapt between 0.4-2 per cent.

According to analysts at Vietnam Investment Securities Joint Stock Company, the VN-Index will likely extend its gains and move in the range of 723-725 points.

“In Friday’s trade, steel stocks such as Hòa Phát Group (HPG), Hoa Sen Group (HSG) and Nam Kim Steel (NKG) can see growth thanks to the information related to anti-dumping taxation on steel imports,” they wrote in a market report on Thursday.

The Ministry of Industry and Trade on Thursday decided to impose anti-dumping duties on imported coated steel from China and South Korea. This decision is expected to help local steel manufacturers better compete in the home market and boost the performance of steel companies. — VNS

 

 

 

 

 

 

 

 

 

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