VN-Index touches 2.5-year high

December, 08/2020 - 07:03

Vietnamese shares lifted their performance on Monday afternoon as market sentiment remained upbeat and boosted a majority of stocks.

 

A beer plant run by Sabeco (HoSE: SAB). The company shares rose 2.5 per cent on Monday.  Photo courtesy of the company

HÀ NỘI — Vietnamese shares lifted their performance on Monday afternoon as market sentiment remained upbeat and boosted a majority of stocks.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange gained 0.83 per cent to 1,029.98 points – its highest level since June 2018.

The gain was a little bit choppy as the benchmark rose as much as 0.87 per cent during the day.

“Strong purchasing power continued raising the market,” BOS Securities Co said in its daily review.

Large-cap stocks remained the biggest driving factor of the stock market as the blue-chip tracker VN30-Index was up 0.78 per cent to 992.01 points.

The VN30 futures due on December 17 rose 0.76 per cent to 994.50 points, indicating ongoing positive market sentiment, according to Sai Gon-Hà Nội Securities (SHS).

Mid-cap and small-cap stocks also ended Monday in positive territory. Their trackers gained 0.55 per cent and 1.39 per cent, respectively.

Gaining stocks dominated the market as they outnumbered losers by 275 to 149 while 75 stocks ended flat.

In the VN30 basket, 18 of the 30 largest stocks by market capitalisation and trading liquidity increased while seven declined.

Steel producer Hòa Phát (HPG), Joint Stock Commercial Bank for Investment and Development of Việt Nam (BID), brewer Sabeco (SAB), SSI Securities Corp (SSI) and Vietcombank (VCB) were the five best-performing large-caps.

The stocks advanced between 2.2 per cent and 3.4 per cent.

“Investing cash flow improved again with 17 of 19 sectors gaining,” BIDV Securities (BSC) said in its daily report. “Foreign investors returned to be net buyers” and also supported the market performance.

Foreign investors on Monday logged a net buy value of nearly VNĐ240 billion on HoSE, targeting aviation firm Vietjet (VJC), HPG, dairy firm Vinamilk (VNM), and PetroVietnam Gas (GAS).

The VN-Index has reached its threshold of 1,030 points. In the short term, the VN-Index may experience some corrections at the 1,030-point level before correcting to retest the 1,025-point level, BSC said.

The minor HNX-Index on the Hà Nội Stock Exchange added 1.13 per cent to 154.20 points on Monday.

The northern market index jumped a total of 4.40 per cent in all five trading days of last week.

More than 585.5 million shares were traded on the two exchanges, worth VNĐ10.93 trillion (nearly US$474 million). — VNS

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