VN Index hits trading value high

Shares advanced for a third session on the HCM Stock Exchange on November 7 as property developers and energy firms were able to maintain momentum.
VN Index hits trading value high ảnh 1Stock brokers at Saigon Securities Inc help investors trade shares (Photo VNA)

Hano​i (VNA)
— Shares advanced for a third session on the HCM Stock Exchange on November 7 as property developers and energy firms were able to maintain momentum.

The benchmark VN Index inched up 0.15 percent to close at 850.33 points, making up a three-day increase of total 2 percent.

The index growth could have been higher if it had not suffered from intraday profit-taking. The VN Index grew as much as 0.64 percent during the session.

More than 584.7 million shares were traded on the southern bourse, worth 20.4 trillion VND (909.6 million USD) – reaching the market’s highest trading liquidity figures.

The trading figures posted an increase of 3.4-fold in volume and 3.2-fold in value compared to November 6.

The robust improvement of trading liquidity was attributed to foreign trading of Vincom Retail (VRE) shares as foreign investors exchanged about 16.8 trillion VND worth of 415 million VRE shares via put-through transactions.

The identity of both sellers and buyers in VRE deals remained undisclosed.

Foreign investors posted a net buy value of 5.5 trillion VND for VRE shares, equal to nearly 97 percent of their total net buy value made on November 7.

Shares of the largest retailer closed flat at 40,550 VND per share at the end of the trading session. VRE rose as much as 20 percent on the company’s November 6 debut.

The factors that boosted the major stock market index on November 7 were property developers and energy firms.

Vincom Retail’s parent company – property developer Vingroup (VIC) – advanced 2.5 percent. Other real estate shares also rose, including Nam Long Investment Corp (NLG) and Phat Dat Real Estate Development JSC (PDR).

In addition, recent gains in global crude prices helped PetroVietnam Drilling and Well Services (PVD) leap by 5 percent. PVD has gained more than one-fifth since early October.

Brent crude has moved up by nearly 15 percent in the last month and 41 percent since June 21, trading at 64.10 USD a barrel.

On the Hanoi Stock Exchange, the HNX Index fell 0.25 percent to end at 104.83 points, retreating from a two-day increase of total 1.6 percent.

Nearly 40.8 million shares were traded on the northern bourse, worth 464.3 billion VND.

The VN Index was able to keep rising and maintained its short-term upward trend, Bao Viet Securities Company said in its daily report.

However, the trading liquidity showed no improvement without the value of put-through transactions while the benchmark index had to retreat on strong intraday selling pressure, the company said.

“That proves investors were getting more cautious and concerned about the supply of the stocks that had been purchased at low-price levels in the previous sessions.”

“The benchmark index could face strong profit-taking pressure and turn downwards if it reaches the level of 855 points in coming sessions,” the company said.-VNA


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