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 onthe Hanoi Stock Exchange.
The benchmark VN-Indexedged up 0.44 percent to close at 806.32 points, the highest point sinceFebruary 15, 2008.
The southern market hasbeen on a steady upswing, with growth of 5.9 percent in the last three weeksand nearly 21.3 percent since the beginning of this year.
Large-cap stocks,especially banks, pushed up the market.
Eighteen of the top 30largest shares by market value and liquidity on the HCM City bourse (VN30)advanced and only nine declined.
Banks recovered after abearish session on September 13. Five of seven listed lenders gained value andonly one (Vietnam Prosperity Bank) slumped.
The four largest banks bymarket value and assets, Vietcombank (VCB), Vietinbank (CTG), BIDV (BID) andMilitary Bank (MBB), increased by less than 1 percent. Sacombank (STB) pickedup 1.74 percent.
Besides banks, other bluechips 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 FarosConstruction (ROS), up 1 percent; and Masan Group (MSN), up 0.5 percent.
According to VietnamInvestment Securities Co, the VN-Index reaching new heights eased concerns thatthe market would soon undergo a downward correction after hitting a 10-yearpeak on September 8.
“The uptrend will continue.It may stop but not now,” analysts at Vietnam Investment Securities Co wrote ina note. Since the VN-Index has been rising from 761 points on August 22, therehave only been two losing sessions, demonstrating the market’s strength.
However, on the smaller HanoiStock 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 hasclimbed more than 30 percent compared to the last trading day of 2016.
Investors’ concern now ismarket liquidity, which barely improved in recent sessions.
A total of 233 millionshares worth more than 4.5 trillion VND (198.2 million USD) were traded in thetwo markets, up 23 percent in volume but almost unchanged in value compared tothe previous session.-VNA
VNA
