VN-Index inches up on capital inflow
Shares started the new trading week on a positive note with the benchmark VN-Index rising 1.01 percent to close December 4 at 970.02 points.
Investors on Saigon Securities Inc’s trading floor in Hanoi (Photo: VNA)Hanoi (VNA) – Shares started the new trading week on a positive note with the benchmark VN-Index rising 1.01 percent to close December 4 at 970.02 points.
Investors were excited with the market outlook and poured money in stocks with solid confidence that the VN-Index will soon break the 1,000-point threshold.
Over 270 million shares worth 6.22 trillion VND (272.8 million USD) were traded on December 4 on the HCM Stock Exchange, up 18.6 percent in trading volume and 17.6 percent in trading value compared to the previous session.
“The increasing cash flow of investors will be great motivation for stocks to continue increasing,” analysts at BIDV Securities Joint Stock Company (BSC) wrote in a note on December 4.
The VN-Index will likely approach the 1,000-point level shortly, they predicted.
Vietnam’s benchmark stock index gained 13.5 percent in the past month and has climbed 44.5 percent since the beginning of this year.
Large-cap stocks continued to fuel market momentum, as 23 of the top 30 largest shares by market value and liquidity on the HCM Stock Exchange gained value and only five corrected down.
[VN ranks third among fastest-growing global stock markets]
PetroVietnam Drilling and Well Services (PVD) and Hoa Sen Group (HSG) both hit the daily rise limit of 7 percent. The biggest listed stocks like Vinamilk (VNM) soared 3.6 percent; Vietcombank (VCB) and VinGroup (VIC), rose over 2 percent each; and Saigon Securities Inc (SSIb), was up 5.6 percent.
Brewer Sabeco (SAB) slowed down its growth to just 0.7 percent in the afternoon under rising profit-taking pressure but remained the most expensive stock, priced at 323,300 VND (14.18 USD) a share.
Overall market condition was positive with 171 stocks rising, 121 falling and 54 closing flat.
According to FPT Securities Joint Stock Company, given the rising divergence among large-cap stocks, investors may seize opportunities appearing in small- and mid-cap stocks which have not increased much in the past rallies to take advantage of the uptrend spillover effect and reduce correction risks with many large caps.
On the Hanoi Stock Exchange, the HNX-Index was up 1.05 percent to close December 4 at 116.70 points.
Liquidity was also positive with nearly 98 million shares worth 1.3 trillion VND being traded.
The northern market index rose 4.2 percent last week, expanding over 44 percent this year.-VNA
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