VN-Index rises to six-week high hinh anh 1Illustrative image (Source: VNA)
Hanoi (VNA) - Shares rose for the third consecutive day on the HCM Stock Exchange on August 30 as investors continued to focus on large-cap stocks in expectation of further market growth.

The benchmark VN-Index, the measure of 310 stocks, inched up 0.5 percent to close yesterday’s session at 672.7 points, the highest in one and a half months. It has risen 2.2 percent in the past three days.

The HNX-Index on the smaller market in Hanoi, tracking 379 stocks, was up 0.6 percent to end at 84.7 points. It declined 0.9 percent on August 29.

Specific stocks continued to boost the market.

Eight of the top 10 largest shares by market capitalisation gained value, of which Masan Group (MSN) was the most significant gainer with a rise of 4.5 percent. Its share price has climbed 13.8 percent in the last three sessions following the announcement of a 20-million-share buyback.

Insurer Bao Viet Holdings (BVH) and PV Gas (GAS) each increased 2.5 percent, while others, including dairy firm Vinamilk (VNM), steelmaker Hoa Phat Group (HPG), Vietinbank (CTG) and real estate giant VinGroup (VIC) increased by less than 1 percent.

On the other end of spectrum, however, some blue chips declined and pulled back the market.

Shares of Vietcombank (VCB), the second-largest listed bank, lost 3.5 percent in value. Bloomberg on August 29 reported that the Singapore sovereign fund GIC Pte had signed a memorandum of agreement to purchase 305.8 million shares of Vietcombank, part of a private placement of 359.8 million shares in its upcoming additional issue to raise charter capital.

According to the report, the foreign fund reached a preliminary agreement to pay less than 400 million USD, a discount from the current market price, for a 7.7 percent stake. Vietcombank’s shares have gained about 31 percent in value this year.

According to analysts at Maritime Bank Securities Co, the market will likely experience volatility when the VN-Index touches a strong resistance zone of 675-680 points.

Despite slight increases in the last two settlements, analysts reckon the market is being exposed to short-term risks, driven by the upcoming reallocation of exchange-traded funds and increasing profit-taking selling pressure when the market approaches its peak.

Liquidity declined with a total of nearly 140 million shares worth 2.9 trillion VND (130 million USD) being traded in the two markets, down 35.8 percent in volume and 14.7 percent in value compared with August 29’s levels.

Foreign trade showed mixed results on August 30. In HCM City’s market, the foreign sector was a net seller with shares worth a net value of almost 117 billion VND unloaded. In the Hanoi market, the sector remained a net buyer with a net value of 28 billion VND. On August 29, the foreign sector was a net buyer on both the exchanges with a total value of 52.5 billion VND.-VNA