Brokerage stocks push VN-Index up
Vietnamese shares rose slightly on January 30 after falling during the morning session, due to investors’ profit-taking attempts that hit large-cap stocks in the brokerage, real estate and construction sectors.
An investor follows stock movements at Hanoi-based Bao Viet Securities Company on Le Thai To street (Photo: VNA)Hanoi (VNS/VNA) - Vietnamese shares rose slightly on January 30 after falling during the morning session, due to investors’ profit-taking attempts that hit large-cap stocks in the brokerage, real estate and construction sectors.
The benchmark VN-Index inched up 0.07 percent to 1,110.56 points on January 30. It had edged down 0.69 percent to close at 1,109.80 points on January 29.
On the Hanoi Stock Exchange, the HNX-Index edged up 0.01 percent to close at 127.36 points. The northern market index gained 0.42 percent to end at 127.35 points on January 29.
An average of more than 413.1 million shares worth 10.7 trillion VND (469.3 million USD) were traded on the two bourses.
The market trading condition was quite balanced, with 240 gaining stocks against 248 declining ones and 244 stocks closing unchanged.
The brokerage, real estate and construction sectors posted strong growth as the industries indexes inched up 0.87 and 0.51 percent, respectively, vietstock.vn reported.
Many blue-chips of the securities brokerage sector advanced, of which HCM City Securities Corporation (HCM) and VNDirect Securities Corporation (VND) gained 3.36 percent and 6.38 percent, respectively. Notably, Viet Dragon Securities Corporation (VDS) rose by the daily maximum rate of 7 percent set by the HCM Stock Exchange.
Other gainers, called ‘emerging’ players, included Viet Capital Securities J(VCI), up 1.58 percent, Sai Gon-Hanoi Securities (SHS), up 0.84 percent, MB Securities (MBS), up 1.25 percent.
The real estate industry was led by Dat Xanh Real Estate Service & Construction Corporation (DXG), Development Investment Construction JSC (DIG), Sai Gon Thuong Tin Real Estate JSC (SCR), VRC Real Estate and Investment JSC (VRC) and Quoc Cuong Gia Lai Joint Stock Company (QCG), rallied by at least 6.7 percent each.
According to Viet Dragon Securities Co, it is almost earnings season and there might be both rumours and official announcements on FY2017 business results.
During this period in previous years, the market normally came into an accumulation phase with low liquidity. But this year had been very different up until now, it said in a daily report.
"The average trading value per session in the first month of this year nearly doubled from January 2017. As the market is very “wild” at this moment, earnings results could be valuable instruments for investors to decide if this is buy or sell time,” the report said.-VNA
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