Investors watch the screens at the Saigon Securities Inc. office in Hanoi (Photo VNA) Hanoi (VNA) - Shares on both local markets advanced further towards the end of December 18 afternoon session on solid investor confidence following the successful Sabeco share auction, as well as the recovery of major large-cap stocks.
The VN-Index on the HCM Stock Exchange rallied 2.45 percent to close December 18 at 958.06 points. Vietnam’s benchmark index had decreased for the last two trading weeks by a total 3.6 percent.
Meanwhile on the Hanoi Stock Exchange, the HNX-Index increased 1.88 percent to end at 113.71 points. The northern market index had fallen 4.4 percent in the last two weeks.
The market upturn was driven by large caps.
Twenty-two of the top 30 largest shares by market value and liquidity on the HCM City’s bourse gained value, six declined and two ended unchanged.
Energy stocks led the market with most big oil and gas companies recording substantial gains, including PV Gas (GAS), up 6.3 percent; PetroVietnam Technical Services (PVS), up 7.7 percent, PetroVietnam Drilling Mud (PVC), up 6.3 percent, PetroVietnam Coating (PVB), up 9.5 percent, and PetroVietnam Southern Gas (PGS), up 4.43 percent.
Banks were another big supporter with nine of ten listed banks advancing. The two biggest lenders Vietcombank (VCB) and Vietinbank (CTG) increased 3.9 percent and 2.7 percent, respectively, while others increased between 0.2 percent and 5.6 percent.
In terms of a singular stock, FLC Faros Construction (ROS) was the biggest gainer, hitting the maximum daily rise of 7 percent at 146,400 VND (6.42 USD) a share. Dairy giant Vinamilk (VNM) was up 4.1 percent and real estate firm VinGroup (VIC) advanced 5.4 percent.
Shares of brewer Sabeco (SAB) ended flat at 309,200 VND per share, a 3.4 percent discount of the average winning price of 320,000 VND at the auction of more than 343.6 million shares, or 53.59 percent of Sabeco’s capital, offered by the Ministry of Industry and Trade on December 18 afternoon on the HCM Stock Exchange.
Vietnam Beverage, a unit of Thai Beverage (ThaiBev) purchased the entire offering.
According to BIDV Securities Co, with support from new cash flow, along with the end of the correction wave, chances are open for new investors as the market gradually recovers.
Liquidity was high on December 18 with nearly 309 million shares worth a combined 6.2 trillion VND (272.8 million USD) traded in the two markets.-VNA
VNA
