Blue chip stocks lift up VN-Index

July 24, 2018 - 07:00

The benchmark VN-Index on Monday bounced back from a fall on Friday thanks to the increases of individual large-cap stocks.

Investors follow stock movements at Bảo Việt Securities Company’s trading floor in Hà Nội. — VNA/VNS Photo Phạm Hậu
Viet Nam News

HÀ NỘI — The benchmark VN-Index on Monday bounced back from a fall on Friday thanks to the increases of individual large-cap stocks.

The benchmark VN Index on the HCM Stock Exchange rebounded 0.36 per cent to finish at 936.74 points. The index plunged 1.12 per cent on Friday.

The HNX Index on the Hà Nội Stock Exchange inched down 1.22 per cent to end at 106.30 points, having gained 1.93 per cent on Friday.

More than 253 million shares were traded on both local bourses, worth VNĐ5.3 trillion (US$230 million).

Overall market conditions were balanced with 224 gainers and 223 losers, while 294 stocks closed unchanged.

Large-cap stocks performed well as the VN30 Index that tracks the performance of the 30 largest shares by market capitalisation added 0.52 per cent to 931.31 points.

Eighteen of the 30 largest stocks in the VN30 basket made gains, including brewery Sabeco (SAB), budget carrier Vietjet (VJC), FLC Faros Construction Joint Stock Company (ROS), insurer Bảo Việt Holdings (BVH), PetroVietnam Gas JSC (GAS) and Việt Nam National Petroleum Group (PLX).

The sharp gains of those blue-chips supported the growth of the VN-Index.

Notably, VJC soared by 6.9 per cent to trade at VNĐ140,000 per share. SAB increased by 5.3 per cent to trade at VNĐ210,500 per share.

Sài Gòn Thương Tín Commercial Joint Stock Bank (STB) was the only gainer in the banking group on Monday, even hitting the daily limit rise of 6.8 per cent.

In the mid-cap and small-cap stock group, Hoàng Anh Gia Lai Joint Stock Company (HAG) and Hoàng Anh Gia Lai Agricultural JSC (HNG) surprised investors by shooting up 7 per cent and 5.4 per cent, respectively.

Bank stocks faced selling pressure, with Asia Commercial Bank (ACB), JSC Bank For Investment and Development of Việt Nam (BID), Vietinbank (CTG), Military Bank (MBB), Techcombank (TCB), Tiên Phong Bank (TPB) and VPBank (VPB) all falling, from 2 per cent to 6.8 per cent.

Besides banking, the securities firms’ stocks also dived sharply, with laggards being HCM City Securities Corporation (HCM), Saigon Securities Incorporation (SSI), Viet Capital Securities Joint Stock Company (VCI) and VNDirect Securities Corporation (VND), dropping between 3.4 per cent and 5.8 per cent.

According to Bảo Việt Securities Company, the market’s slight rise on high liquidity Friday indicated continuing inflows of money.

“The VN-Index is forecast to move sideways and modestly increase in the next sessions until approaching the next resistance at 945-960 points,” BVSC said. — VNS