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VN-Index reaches nine-year high

Phuong Thao
Thursday,  Nov 9,2017,23:20 (GMT+7)
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VN-Index reaches nine-year high

Phuong Thao

HCMC – The VN-Index jumped to a nine-year high in the fourth straight winning session on November 8, buoyed by large caps in the banking sector.

The main index closed the day at 859.7, surging 9.37 points, or 1.1%, versus Tuesday. Turnover on the HCMC market was positive with 171 million shares worth VND5 trillion changing hands, with over VND1.1 trillion coming from put-through transactions.

According to securities enterprises, the VN-Index should have hit 860 points if pillar stocks SAB and ROS had not lost ground. Having climbed 4.8% at VND298,900 per share, brewery firm SAB lost steam and closed at VND281,500, down 1.3% compared to the previous session.

Meanwhile, construction firm ROS almost skirted the floor price, losing 6.8% at VND186,900 a share.

In contrast, all bank stocks increased nicely, with MBB taking the lead for liquidity given over 8.3 million shares traded. Dairy giant VNM also advanced 1.5% at VND160,200 a share on volume of 2.4 million shares.

The Hanoi market bounced back strongly, with the HNX-Index adding 0.87% at 105.74. Turnover on the exchange slightly improved with 44 million shares worth VND516 billion traded.

The HNX30 basket saw up to 17 rising stocks while eight stocks dropped and five others closed unchanged, lifting the HNX30 Index by 1% at 197.54.

In the banking sector, ACB gained 1.9% at the intraday high of VND31,400 per share on volume of 1.34 million shares. Meanwhile, SHB was the most liquid stock with over 7.1 million shares exchanged, rising 1.28% from the session earlier at VND7,900 a share.

Among large caps, CEO, a property enterprise, soared 5.6% at VND11,300 a share on matching volume of 4.6 million shares. Building materials firm VCG increased 1.4% at VND21,900 a share while electricity firm TV2 rose 1.2% at VND167,000 a share.

Foreigners net bought over VND15 billion on the southern bourse. Notably, they strongly acquired shares of steel companies such as HPG, HSG and NLG while offloading shares of infrastructure developer CII and consumer goods firm MSN.

Meanwhile, the investors net purchased VND30.1 billion worth of shares on the northern bourse. PVS, a petroleum service firm, was the most heavily bought stock with a net buying value of VND22.5 billion.

Saigon-Hanoi Securities Company predicted the VN-Index to overcome the psychological resistance of 860 points today. Therefore, medium and long-term investors can continue holding stocks with positive performances.

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