Thursday,  Mar 21, 2019,16:29 (GMT+7) 0 0
VN-Index jumps to four-month high
By Phuong Thao
Thursday,  Feb 21, 2019,19:14 (GMT+7)

VN-Index jumps to four-month high

By Phuong Thao

HCMC – Domestic stock rises extended for a fourth straight session today, February 21, again led by property stock VHM. The VN-Index of the Hochiminh Stock Exchange rose to a record high since early October 2018.

Having led the stock rallies in the previous two sessions, VHM went up to its ceiling price of VND96,700 per share with 1.2 million shares matched. Meanwhile, its parent firm VIC increased 1.6% at VND118,400 while VRE, another subsidiary of VIC active in the retail industry, climbed 5.2% at VND34,000.

With the gainers outnumbering the losers at 170 to 123, the index soared a massive 16.99 points, or 1.75%, to close at 987.57. The southern exchange saw 178.5 million shares worth VND4.4 trillion traded, up 5% and 11.5% against the previous day.

Lender MBB again led the market by liquidity with 7.9 million shares changing hands, rising 0.23% at VND22,100, followed by its fellow bank CTG with 7.1 million shares. VIC and VRE, meanwhile, reported matching volume of 1.2 million and 3.8 million shares.

Among the speculative stocks, property firm FLC and mining enterprise AMD had more than seven million shares transacted each. But the two firms declined 0.7% and 5.8% at VND5,310 and VND2,750, respectively.

On the Hanoi Stock Exchange, the HNX-Index fell 0.19 point, or 0.18%, at 106.11 due to the increased selloff at the close. Trade on the northern market remained high as trading volume and value leapt 10% and 32% at 32.2 million shares and nearly VND490 billion.

Many key stocks lost. Lender ACB fell 1% at VND30,100 and real estate group DBC edged 3% lower at VND25,200. VGC, a building material company, was the most actively traded stock on the northern exchange with 4.3 million shares traded, up 3% at VND20,900.

According to BIDV Securities Company (BVSC), the market is predicted to keep moving towards the 1,000-point level in the next session but may come under profit taking pressure at this level.

Bank stocks are expected to further rally as they still attract money. Besides, capital is forecast to flow into stocks which have yet to rise significantly or are accumulating to gain profits such as oil and gas, banks, textiles, fisheries, electricity, building materials and real estate stocks.

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