Shares maintain upward trend
Shares on the two stock exchanges opened this week’s trading with gains as investors demonstrated their rising confidence in the market outlook.
Shares maintain upward trend (Illustrative image. Source: VNA)Hanoi (VNS/VNA) – Shares on the two stock exchanges opened this week’s trading with gains as investors demonstrated their rising confidence in the market outlook.
On the HCM Stock Exchange, the VN-Index edged up 0.25 percent to close on September 18 at 807.87 points. The key market index rose 0.6 percent over last week and 21.5 percent since the beginning of this year.
On the Hanoi Stock Exchange, the HNX-Index ended up 0.62 percent at 105.13 points.
The northern market index increased 0.54 percent from the previous week while growing 31.2 percent compared to the end of last year.
The overall market breadth was positive with 271 stocks on the two exchanges advancing, 182 declining and 279 remaining unchanged.
Large-cap stocks continued to lead the market upturn as 20 of the top 30 largest stocks by market value and liquidity on the HCM City’s bourse gained value and 10 slumped.
Stocks that made gains include industry leaders such as Vinamilk (VNM), brewer Sabeco (SAB), real estate giant VinGroup (VIC), lender BIDV (BID), Vietinbank (CTG), steelmakers Hoa Phat Group (HPG) and Hoa Sen Group (HSG), IT group FPT (FPT), mobile phone retailer Mobile World Group (MWG) and private equity Masan Group (MSN).
Rises in global oil prices also supported oil stocks, with major companies such as PetroVietnam Drilling and Well Services (PVD), PetroVietnam Technical Services (PVS), PetroVietnam Coating (PVB) and PetroVietnam Drilling Mud (PVC) gaining between 1.2-6.8 percent each.
Oil prices rose for a fifth straight session last week with the West Texas Intermediate (WTI) future increasing 4.9 percent to 49.8 USD per barrel while Brent crude closed with a 3.3 percent rise to 55.5 USD per barrel on September 15.
“This bullish session sent more positive signals than in the earlier weeks with higher capital spreading and a recovery in the market liquidity,” said Tran Duc Anh, a stock analyst at Bao Viet Securities Co.
Anh said investor sentiments have improved with greater purchasing demands even in high price zones.
A total of 254 million shares worth nearly 4.6 trillion VND (202.6 million USD) were traded in the two markets, up 35.5 percent in volume and 15 percent in value compared to last week’s average daily trading volume and value in the two markets.
“It’s highly probable that the current upward trend will be maintained in the short term, with the largest increases from the stocks with supportive information and positive third-quarter results,” Anh wrote in a market report on September 18.-VNA
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