Stock market: VN Index at ten-year high

Hanoi (VNA) - The benchmark VN Index managed to hit a ten-year high on late buying on September 26 after being pulled down below last week’s closing level by profit-taking.

The HCM Stock Exchange’s index struggled to gain 0.4 percent to end at the new ten-year high of 677.04 points. The southern market index increased by 4 percent in the last five days.

On the small bourse, the HNX Index of the Hanoi Stock Exchange retreated 0.3 percent from last week’s five-day rally of 1.2 percent to finish at 83.11 points.

“The market was saved by strong purchasing in the late trading period of the session after struggling in the negative territory during the whole day,” Saigon-Hanoi Securities Corp (SHS) wrote in its daily report.

“The market’s late recovery was largely attributed to the gains in blue chip stocks, such as insurer Bao Viet Holdings (BVH), dairy company Vinamilk (VNM), real estate firm Vingroup JSC (VIC) and Vietcombank (VCB).”

Those stocks were pulled down by profit taking in the morning session before managing to extend their gains from last week ’s closing prices.

BVH jumped 4 percent to surged more than 16 percent in the last six days, VIC was up 0.8 percent to rise a total 5.7 percent in the last five sessions, and VCB edged up 0.7 percent.

VNM went up 0.7 percent after the State Capital Investment Corporation (SCIC) announced it would try to complete selling its ownership in the largest listed company by the end of this year.

“The market also received support from speculative stocks, which are expected to achieve higher results in the third quarter of the year,” BIDV Securities Corp (BSC) said.

Those stocks included plastic companies Binh Minh Plastic JSC (BMP), Tien Phong Plastic JSC (NTP), and healthcare industries Domesco Medical Import Export Corp (DMC), Hau Giang Pharmaceutical JSC (DHG).

DMC jumped 3.9 percent, DHG rose 2.3 percent, BMP was up 2 percent and NTP edged up 0.6 percent.

On the opposite side, investors tried selling their stocks, which had made good gains, to gain profits.

Truck distributor Hoang Huy Investment Services JSC (HHS) dropped 1.7 percent after soaring nearly 28 percent in the previous five days.

Consumer goods firm Masan Group (MSN) inched down 0.1 percent from a five-day increase of 9.2 percent.

PetroVietnam Mud Drilling Corp (PVC) fell 1.9 percent from a four-day gain of 2.7 percent.

Investors exchanged nearly 200 million shares on the two local bourses, worth more than 4.48 trillion VN D (approximately 200 million USD ).-VNA