Friday, November 16 2018

VietNamNews

Energy, bank shares boost bourses

Update: June, 23/2018 - 10:15
An investor in a trading session at Vietcombank Securities Company. — VNA/VNS Photo Tuấn Anh
Viet Nam News

HÀ NỘI — Vietnamese shares added value nationwide in the last trading session of the week but suffered low liquidity, as oil and bank shares took the spotlight in spite of previous steep declines.

On the HCM City Stock Exchange (HOSE), the VN-Index increased by 1.42 per cent and closed at 983.17 points on Friday, reversing from its decline of 1.18 per cent on Thursday.

According to Bảo Việt Securities Company (BVSC), after sliding in the beginning, the index quickly rebounded and stayed on uptrend with stronger momentum towards the final minutes.

Therefore, the market is expected to have positive movement next week, BVSC said.

On the Hà Nội Stock Exchange (HNX), the HNX-Index rallied by 1.65 per cent to 111.98 points after losing 1.73 per cent on Thursday.

More than 170 million shares were traded on the two local exchanges, worth VNĐ4.4 trillion (US$191 million).

Large-cap stocks performed well as the VN30 Index, which tracks the performance of the 30 largest stocks by market capitalisation and trading liquidity, rose 1.81 per cent at 973.05 points.

Bank stocks strongly recovered in Friday’s session. VPBank (VPB) surprisingly rocketed by 6 per cent while other leading banks also had impressive performances, including Asia Commercial Bank (ACB), Vietcombank (VCB), Vietinbank (CTG) and Military Bank, rising between 2.2 per cent and 3.1 per cent.

The energy sector also played a crucial role in driving the market up, with prominent stocks soaring, namely Việt Nam National Petroleum Group (1.3 per cent), PetroVietnam Gas Joint Stock Corporation (1.8 per cent), PetroVietnam Technical Services Corporation (4.2 per cent), PetroViet Nam Coating JSC (2 per cent) and Drilling Mud Joint Stock Corporation (3.6 per cent)

Seventeen of the 20 sectors saw share prices increase, such as banking, securities, construction and energy, data on vietstock.vn showed.

Foreign investors’ buying activities intensified. They were net buyers of VNĐ175.78 billion on dairy firm Vinamilk (VNĐ 69.62 billion), steel maker Hòa Phát Group (VNĐ46.22 billion) and PetroVietnam Gas JSC (VNĐ27.69 billion).

 At the same time, they sold a net of VNĐ40.12 billion on the HNX.

According to Việt Dragon Securities Company (VDSC), the indexes increased quite strong on low volumes on Friday but this may be just a technical recovery session in an intermediate - term downtrend.

Therefore, investors should quickly reduce the proportion of stocks in the portfolio as soon as weak signals appear, VDSC said.

Meanwhile, BVSC predicted in its daily report that with a rebound in the last session of the week, VN-Index may see slight rise in early next week. Q2 Income statement season and net asset value (NAV) determination of funds are good news supporting VN-Index next week. — VNS

 

 

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