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Market continues winning streak
Phuong Thao
Thursday,  Oct 12, 2017,21:43 (GMT+7)

Market continues winning streak

Phuong Thao

HCMC – The local stock market rose for the fourth straight session on October 11 while turnover improved due to strong cash flow.

The VN-Index closed the day at 813.95, rising 3.3 points, or 0.41%, from the session earlier. The HCMC market saw 180.6 million shares worth VND3.8 trillion changing hands, up 24.4% and 16.5% against Tuesday respectively.

Large caps were key contributors to the main index, in which brewery firm SAB added 0.7% and low-cost carrier VJC gained 0.1%. Notably, property enterprise VIC jumped 5.2% at the intraday high of VND54,900 a share as it had decided to change the model of Vinschool, a brand in the education market, to “not-for-profit”.

Among bank stocks, STB amost hit the floor price after announcing a plan to change its stock code to SCM and move to the Hanoi market. The lender fell 6.4% at VND11,650 a share on matching volume of over 9.3 million shares.

In contrast, VPB surged 3.9% to a record high of VND39,500 a share with nearly 3.9 million shares exchanged.
OGC became the most actively traded stock with 12.2 million shares traded. The financial investment group hit the upper limit before sliding and closing with a 2.7% rise at VND2,300 a share.

Notably, agriculture chemical producer HAI went up to the ceiling price for the sixth consecutive session. The stock stood at VND10,550 per share on matching volume of nearly 8.2 million shares.

The HNX-Index bounced back slightly, inching up 0.08% against the previous day at 108.65. Turnover on the Hanoi bourse also increased strongly with 478 million shares worth VND594 billion traded.

Construction firm VGC, which advanced 3%, was the biggest contributor to the recovery. Bank stock SHB, meanwhile, was the volume leader again with 9.6 million shares exchanged and closed with a mild rise of 1.2%.

Foreigners stayed on the selling side for the fifth straight session, net selling over VND5.9 billion on the southern bourse and over VND23.2 billion on the northern exchange.

According to Bao Viet Securities Company, the VN-Index broke the trend of sideways movement that had last over three weeks with the rising session on October 11.

Turnover improvement was an important supporting factor for the uptrend. However, market breadth was negative as losers still outnumbered gainers.

After breaking the sideways moving trend, the main index is expected to start a new rising streak in the near term. It will be obstructed at the resistance zone between 822 and 826 points, the firm predicted.

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