VN-Index steady in upward trend
Shares rose on the Ho Chi Minh Stock Exchange on September 14 but declined on the Hanoi Stock Exchange.
Investors watch transactions at Ocean Securities Company in Hanoi (Photo: VNA)Hanoi (VNS/VNA) - Shares rose on the Ho Chi Minh Stock Exchange on September 14 but declined on the Hanoi Stock Exchange.
The benchmark VN-Index edged up 0.44 percent to close at 806.32 points, the highest point since February 15, 2008.
The southern market has been on a steady upswing, with growth of 5.9 percent in the last three weeks and nearly 21.3 percent since the beginning of this year.
Large-cap stocks, especially banks, pushed up the market.
Eighteen of the top 30 largest shares by market value and liquidity on the HCM City bourse (VN30) advanced and only nine declined.
Banks recovered after a bearish session on September 13. Five of seven listed lenders gained value and only one (Vietnam Prosperity Bank) slumped.
The four largest banks by market value and assets, Vietcombank (VCB), Vietinbank (CTG), BIDV (BID) and Military Bank (MBB), increased by less than 1 percent. Sacombank (STB) picked up 1.74 percent.
Besides banks, other blue chips which pulled up the VN-Index were PV Gas (GAS), up 3.6 percent; VinGroup (VIC), up 2.2 percent; Saigon Securities Inc (SSI), up 1.6 percent; FLC Faros Construction (ROS), up 1 percent; and Masan Group (MSN), up 0.5 percent.
According to Vietnam Investment Securities Co, the VN-Index reaching new heights eased concerns that the market would soon undergo a downward correction after hitting a 10-year peak on September 8.
“The uptrend will continue. It may stop but not now,” analysts at Vietnam Investment Securities Co wrote in a note. Since the VN-Index has been rising from 761 points on August 22, there have only been two losing sessions, demonstrating the market’s strength.
However, on the smaller Hanoi Stock Exchange, the HNX-Index inched down 0.05 percent to end at 104.38 points. It rose 1.5 percent in the last two sessions.
The northern market has climbed more than 30 percent compared to the last trading day of 2016.
Investors’ concern now is market liquidity, which barely improved in recent sessions.
A total of 233 million shares worth more than 4.5 trillion VND (198.2 million USD) were traded in the two markets, up 23 percent in volume but almost unchanged in value compared to the previous session.-VNA
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