|Finance Minister Đinh Tiến Dũng beats the ceremonial gong to open the first trading session of Việt Nam’s stock market in 2018 on January 2. — VNS Photo|
HÀ NỘI – Stocks ended the first trading day of 2018 in the green on the two national stock exchanges, reflecting investors’ optimism about the market outlook this year.
On the HCM Stock Exchange, the VN-Index advanced 1.17 per cent to close Tuesday at 995.17 points. Việt
On the Hà Nội Stock Exchange, the HNX-Index rose 1.71 per cent to end at 118.87 points. The northern market index also soared 47 per cent last year.
Bank stocks led the upturn on Tuesday on investors’ regard for the banks’ positive earnings last year and their rosy 2018 outlook.
Nine of 10 listed lenders on the two exchanges gained value while only one closed unchanged.
BIDV (BID) was the biggest gainer with growth of 5.9 per cent while the others in the Big Four (four biggest banks by market value and assets) – Vietcombank (VCB), Vietinbank (CTG) and VPBank (VPB) – increased 1.3 per cent, 3.1 per cent and 5.6 per cent, respectively.
The two biggest banks on the Hà Nội exchange – Asia Commercial Bank (ACB) and Sài Gòn-Hà Nội Bank (SHB) – rallied by over 5 per cent each.
In the VN30 basket (which tracks the top 30 largest shares by market value and liquidity on the
“The index is predicted to stay on the uptrend this week thanks to increasing buying demand, mostly for leading large-cap stocks. In addition, listed companies with solid Q4 earnings results will also draw cash inflows in the next sessions,” said Trần Đức Anh, a stock analyst at Bảo Việt Securities Co.
A total of 250.7 million shares worth a combined VNĐ6.65 trillion (US$292 million) were traded in the two markets.
Foreign investors also concluded Tuesday as net buyers on both exchanges, picking up total net value of VNĐ290 billion.
The first trading session of Việt
Addressing the event, Minister of Finance Đinh Tiến Dũng said the stock market witnessed breakthrough development in 2017. The newly opened derivatives market developed rapidly, helping to perfect the structure of the stock market in particular and the financial market in general.
With the presence of many big businesses, the value of the securities market was equivalent to over 78 per cent of the GDP in 2016 and 70.2 per cent of the GDP in 2017, reaching the target set for 2020.
The VN-Index ended the year 2017 at over 984 points, up 48 per cent from 2016. The liquidity of the stock and bond markets rose by 65 per cent and 39 per cent, respectively.
The minister said that last year, the stock market successfully established itself as a channel for mobilising medium- and long-term capital for the Government and businesses. It greatly contributed to the equitisation of and divestment from State-owned enterprises and to the attraction of foreign investment.
The official said his ministry will coordinate with other ministries and sectors to carry out key solutions to continue developing Việt