The benchmark VN Index on December 28 rose 0.85 per cent to hit its new 10-year high of 976.72 points (Photo: VNA) Hanoi (VNA) - Vietnam’sbenchmark VN Index rose to a 10-year high on December 28, boosted by financialstocks that are expected to deliver positive earnings reports for the pastquarter and the whole year.
The benchmark index on the HCM StockExchange added 0.85 percent to close at 976.72 points – its highest level sinceJanuary 2008.
The benchmark index has also totalled afive-straight-day growth of 3.24 percent.
On the Hanoi Stock Exchange, the HNX Indexadvanced 0.72 percent to end at 116.41 points. The northern market index hasmade up a four-day gain of 3 percent.
More than 211.2 million shares were tradedon the two exchanges, worth 5.3 trillion VND (235.7 million USD).
The stock market was dominated by gainingstocks, which outnumbered losers by 270 to 203, while 126 other stocks endedflat.
Banking and brokerage sectors were amongthe five best-performing industries on the Vietnamese stock market yesterday.
According to Bao Viet Securities Company(BVSC), the two sector indices gained 2.58 percent and 2.36 percent,respectively.
Nine of the 10 bank stocks made gains. Thestrongest growth rates were seen in Vietinbank (CTG), Vietcombank (VCB),Eximbank (EIB) and MBBank (MBB).
The four bank stocks rose between 2.2 percentand 4.1 percent.
High investor expectations for listed banksto release positive quarterly earnings reports was the main reason driving thebanking sector up after maximum credit growth for 2017 was forecast by thecentral bank to be 18-19 percent, KIS Vietnam Securities Company (KIS) said ina report.
The banking sector was also supported bythe news that Bac A Commercial Joint Stock Bank (Bac A Bank) started tradingits 500 million shares on the Unlisted Public Company Market (UPCoM) under codeBAB at a starting price of 20,000 VND per share the same day.
Bac A Bank’s share price soared 15 percentto close at 23,000 VND per share. In the first three quarters of the year, thebank recorded VNĐ482 billion in pre-tax profit, a year-on-year increase of 25 percent.
Brokerage and insurance-finance firms alsoperformed well, driven up by Bao Viet Holdings (BVH), Vietnam NationalReinsurance Corporation (VNR), VNDirect Securities (VND), BIDV Securities (BSI)and Saigon-Hanoi Securities (SHS).
The December 28 increase proved thatinvestors remained upbeat on the higher-than-expected economic growth rate of6.81 percent published by the General Statistics Office on December 27 alongwith optimistic forecasts for 2018, KIS said.
“That is the main factor that will drag themarket valuation down, thereby relieving the current high valuation pressure,”KIS said, adding that the VN Index would move to the next short-term target of780-785 points. - VNA
The benchmark index on the HCM StockExchange added 0.85 percent to close at 976.72 points – its highest level sinceJanuary 2008.
The benchmark index has also totalled afive-straight-day growth of 3.24 percent.
On the Hanoi Stock Exchange, the HNX Indexadvanced 0.72 percent to end at 116.41 points. The northern market index hasmade up a four-day gain of 3 percent.
More than 211.2 million shares were tradedon the two exchanges, worth 5.3 trillion VND (235.7 million USD).
The stock market was dominated by gainingstocks, which outnumbered losers by 270 to 203, while 126 other stocks endedflat.
Banking and brokerage sectors were amongthe five best-performing industries on the Vietnamese stock market yesterday.
According to Bao Viet Securities Company(BVSC), the two sector indices gained 2.58 percent and 2.36 percent,respectively.
Nine of the 10 bank stocks made gains. Thestrongest growth rates were seen in Vietinbank (CTG), Vietcombank (VCB),Eximbank (EIB) and MBBank (MBB).
The four bank stocks rose between 2.2 percentand 4.1 percent.
High investor expectations for listed banksto release positive quarterly earnings reports was the main reason driving thebanking sector up after maximum credit growth for 2017 was forecast by thecentral bank to be 18-19 percent, KIS Vietnam Securities Company (KIS) said ina report.
The banking sector was also supported bythe news that Bac A Commercial Joint Stock Bank (Bac A Bank) started tradingits 500 million shares on the Unlisted Public Company Market (UPCoM) under codeBAB at a starting price of 20,000 VND per share the same day.
Bac A Bank’s share price soared 15 percentto close at 23,000 VND per share. In the first three quarters of the year, thebank recorded VNĐ482 billion in pre-tax profit, a year-on-year increase of 25 percent.
Brokerage and insurance-finance firms alsoperformed well, driven up by Bao Viet Holdings (BVH), Vietnam NationalReinsurance Corporation (VNR), VNDirect Securities (VND), BIDV Securities (BSI)and Saigon-Hanoi Securities (SHS).
The December 28 increase proved thatinvestors remained upbeat on the higher-than-expected economic growth rate of6.81 percent published by the General Statistics Office on December 27 alongwith optimistic forecasts for 2018, KIS said.
“That is the main factor that will drag themarket valuation down, thereby relieving the current high valuation pressure,”KIS said, adding that the VN Index would move to the next short-term target of780-785 points. - VNA
VNA
