Homepage E-Paper 02-19-2019
VN-Index soars to over 940 points
Wednesday,  7/18/2018, 19:06 

VN-Index soars to over 940 points

By Phuong Thao

HCMC – Vietnamese stocks staged a nice jump today as the steep plunge in recent weeks has triggered huge demand from both local and foreign investors.

The VN-Index of the Hochiminh Stock Exchange extended its winning streak to the fifth consecutive session, soaring 21.12 points, or 2.29%, against the day earlier. Active cash flow spurred up turnover on the southern bourse as volume and value expanded 43.7% and 40% to 223.9 million shares worth VND4.9 trillion.

Many small and medium stocks stole the limelight for hitting the upper limits with high turnover. Property firm HAG dropped 3.5% due to profit taking pressure early on but it bounced back strongly and closed the day up 6.7% at VND6,330 per share on matching volume of 18 million shares.

HNG, a subsidiary firm of HAG active in agriculture, advanced 5% at VND13,500 a share and led the market for liquidity with 19.5 million shares traded. FLC, another property firm, was the third most heavily traded stock with 9.7 million shares exchanged, adding 1.1% at VND5,130 per share.

Among the top 10 heavyweights, brewery firm SAB was the only loser for edging down 0.05% at VND217,900 per share, while the remaining stocks increased.

VCB, TCB, CTG and BID were among banks which performed well today while EIB was the only one moving sideways. According to securities enterprises, banking stocks are expected to lead the market recovery in the coming sessions, as lenders may announce positive business results and credit growth rates in the first half.

Nguyen Duy Hung, chairman of Saigon Securities Inc., said in a recent statement that the trade war between China and the U.S. will not cause significant impact on local equities. As the trade war may cool down, the local economy is the key driver of stock indexes.

The HNX-Index of the Hanoi Stock Exchange rocketed 2% at 106.93, as advancers far outnumbered decliners by 114 to 53. There were 48.7 million shares worth VND698.6 billion changing hands on the northern bourse, up 45.8% and 32% versus Tuesday, respectively.

Bank stocks SHB and ACB again were volume leaders with 7.6 million shares and five million shares traded, gaining 3.7% and 1.7% at VND8,300 and VND36,200 a share, respectively. Oil and gas firm PVS ranked third with 4.3 million shares exchanged, climbing 8.3% at VND17,000 per share.

>>Read more:
© 2012 - 2016 The Saigon Times.