VN-Index rises for fourth day
Shares rose for the fourth consecutive day on February 28 on the HCM City Stock Exchange, largely on the strength of a handful of banking and energy blue-chips.
Investors seen at the trading centre of Bao Viet Securities Company (Photo: VNA)Hanoi (VNS/VNA) — Shares rose for the fourth consecutive day on February 28 on the HCM City Stock Exchange, largely on the strength of a handful of banking and energy blue-chips.
The benchmark VN-Index on the HCM Stock Exchange (HOSE) gained 0.17 percent to settle at 1,121.54 points, falling from the intraday high of 1,129.89 points. It advanced by 0.46 percent to close the previous day at 1,119.61 points.
Meanwhile, the HNX Index on the Hanoi Stock Exchange (HNX) inched up 0.60 points to end at 128.05 points. The index edged up 0.88 percent to end at 127.29 points on February 27.
The UPCOM Index on the Unlisted Public Company Market (UPCoM) gained slightly 0.03 percent to finish at 60.09 points. It rose 0.55 percent to stand at 60.07 points on February 27.
More than 311.1 million shares were traded on the three local exchanges, worth 9.2 trillion VND (406.2 million USD).
Market trading conditions were quite balanced on February 28, with 321 declining stocks against 330 gainers, while 796 other stocks remained unchanged.
Only 11 of the 30 largest shares by market capitalisation advanced in the VN30 Index.
The VN30 Index was up 0.19 percent to 1.108,23 points, with more than 232.6 million shares exchanged, worth 7.9 trillion VND.
Financial-banking and oil stocks were the best-performing among the 20 sectors in the stock market, with the banking and energy industry indices advancing 2 percent and 2.25 percent, respectively, according to vietstock.vn.
Banking stocks, including the big gainers of Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG), up 4.67 percent; Military Commercial Joint Stock Bank (MBB), rising 4.88; and JSC Bank for Investment and Development of Vietnam (BID), gaining 2.23, attracted cash flow and led the market.
In addition, a number of blue chip stocks and petroleum stocks also supported the uptrend of the index, including PetroVietnam Technical Services Corporation (PVS), advancing 1.64 percent and PetroVietnam Drilling & Well Services Corporation (PVD), up 4.55 percent.
Foreign investors yesterday were net sellers of 413.9 billion VND on HOSE, focusing on HPG (102.7 billion VND), VNM (68.1 billion VND) and BID (34.5 billion VND). In addition, they sold a net of 54.78 billion VND on the HNX.
According to BIDV Securities JSC (BSC), the market was in a period of accumulation with the division in the industry. However, thanks to the return of cash flow, the index has remained in the green and approached the short-term target of 1,130 points.
“Investors should observe stocks which attracted cash flow such as HPG, MBB, SSI,” BSC said in its daily report.
According to Bao Viet Securities Company (BVSC), VN-Index can still retest the old peak. However, the index will have to struggle to increase due to the divergence.
“VN-Index is likely to move sideways around the old peak in the next few days,” it said. — VNA
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