Index sustains gains despite strong sells

Stocks managed to post gains on the HCM Stock Exchange by the end of on May 8's session as investors continued buying despite increased profit-taking selling pressure in the afternoon.
Stocks managed to post gains on the HCM Stock Exchange by the end of onMay 8's session as investors continued buying despite increasedprofit-taking selling pressure in the afternoon.

On theHCM City Stock Exchange, the VN-Index advanced to 491.52 points in themorning before sliding to 488.07, up just 0.36 percent over Monday'sclose.

Heavy profit-taking sales pushed the market volumeup 33 percent to nearly 133.2 million shares while the value of on May8's trades also jumped 23 percent to 2.22 trillion VND(105.7 millionUSD).

Blue chips were mixed. Thirteen of the 30 leadingshares by market value and liquidity rallied while 11 lost ground andsix closed unchanged. The VN30 Index increased 0.85 percent to close atover 557 points.

Banks sustained their rises in theafternoon with Military Bank (MBB) and Sacombank (STB) continuing to hitthe ceiling, while Eximbank (EIB) rose 2.7 percent to 18,800 VND (0.90USD) and Vietinbank (CTG) increased 1.8 percent to 22,500 VND (1.07USD). Vietcombank (VCB) jumped to 34,400 VND (1.64 USD), but slid to33,700 VND (1.60 USD) by the end of the session.

MilitaryBank (MBB), the fifth largest listed lender, continued to be the mostactive code on the southern bourse with 7.6 million shares changinghands, closing at the ceiling of 15,700 VND(0.75 USD).

Stock analysts said many investors decided to sell shares to take cashprofits as they expected a correction ahead of a 500-point thresholdfollowing several days of gains.

Meanwhile, stocks on theHanoi Stock Exchange fell for the first time in the last four days withthe HNX-Index declining from a one-year high to 83.64 points, a loss of0.18 percent over May 7's close, despite advancers outnumberingdecliners by 182-135.


Trading value grew 22 percent, totalling nearly 1.44 trillion VND (68.6 million USD) with 123.4 million shares exchanged.

While other leading shares such as VNDirect Securities (VND), Kim LongSecurities (KLS) and PetroVietnam Construction (PVX) declined, the riseof Habubank (HBB) helped support the market. HBB was the most activeshare with 10.23 million of its stocks traded, gaining another 1.52percent to settle at 6,700 VND.

BIDV Securitiesanalysts said both indices exceeded short-term peaks and resistancelevels at around 520 points for the VN-Index and 90 points for theHNX-Index.

"The stock market will continue to benefit fromthe support policy for enterprises. Therefore, investors should pursuethe buy and hold strategy during this period," they recommended via aresearch note on May 8's .

Foreign investors remainednet buyers on both exchanges , picking up a combined 77 billion VND (3.7million USD) worth of shares.-VNA

See more

Minister of Industry and Trade Nguyen Hong Dien and Deputy Prime Minister of the Republic of Belarus Anatoly Sivak sign the meeting minutes. (Photo: VNA)

Vietnam, Belarus unveil key solutions to boost trade

Vietnam and Belarus are set to deepen bilateral cooperation in all fields, particularly in economy-trade and science-technology, through their Intergovernmental Committee mechanism, affirmed Minister of Industry and Trade Nguyen Hong Dien.

Honda Vietnam's new CEO, Sayaka Hattori (Photo: VNA)

Honda Vietnam has new female CEO

Sayaka Hattori, a Japanese national with over 25 years of experience in the automobile and motorcycle industry, was appointed as new CEO of Honda Vietnam on April 1.

Illustrative image (Photo: VNA)

Annual enterprise census kicks start nationwide

The survey will span all the 63 provinces and centrally-run cities in Vietnam, targeting enterprises and cooperatives engaging in production and business activities across almost all sectors.

Participants at the talks between Minister of Construction Tran Hong Minh and Korean Minister of Land, Infrastructure, and Transport Park Sangwoo in Hanoi on March 31. (Photo: VNA)

Vietnam calls on RoK to share expertise in high-speed railway development

Minister of Construction Tran Hong Minh applauded the RoK’s proposal to organise a railway cooperation forum, seeing it as an opportunity for state management agencies, experts, research institutions, universities, and businesses of Vietnam to gain insights from the RoK’s experience in planning, construction, maintenance, and developing high-speed rail industry.

Representatives from Vietnamese and Korean agencies at the MoU signing ceremony. (Photo: VNA)

Vietnam, RoK step up railway development cooperation

Since 1996, the Korean government has provided funding for Vietnam’s transport infrastructure development. To date, the two countries have successfully completed nine projects, with total loans of over 1 billion USD, and are currently working on six other projects with loans worth nearly 600 million USD.

The passengers boarding the first flight from Taiwan to Quang Binh at Dong Hoi Airport (Photo: VNA)

Quang Binh province welcomes first flight from Taiwan

These international flights, the first of their kind, marked a significant milestone for the Dong Hoi airport, particularly following its designation as one of three domestic airports authorised to process foreign passengers' arrivals and departures using electronic visas.

The second branch of the Vietnam-Germany Friendship Hospital – a project deemed causing massive waste (Illustrative Image - Source: VNA)

PM orders urgent reviews, reports of delayed investment projects

The dispatch highlights that ministries, sectors, and localities involved must intensify their efforts to resolve these stalled investment projects in a bid to accelerate socio-economic development and prevent waste of state, business, and public resources.

At the signing ceremony of the 25-year production sharing contract (PSC) for oil and gas exploration in Block 15-2. (Photo: VNA)

Vietnam, Japan forge 25-year oil and gas partnership

Son noted the Block 15-2 contract is a crucial step after the 2022 Law on Oil and Gas took effect, urging contractors to carry out their commitments to maximise the productivity of the block as well as enhance oil recovery rate – an important task to ensure energy security.