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Steel stocks stole limelight as VN-Index hits 3-year high

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HCMC – The strong cash flow helped spur a host of stocks, especially steel stocks, in the local market, enabling the benchmark VN-Index of the Hochiminh Stock Exchange to expand on December 7.

The main index extended growth and beat the 1,030-point level in the afternoon, establishing its new peak for the past three years, before easing a bit at the close and losing the 1,030-point level.

With up to 275 winners and 149 losers, the benchmark index gained 8.49 points, or 0.83% against the previous session at 1,029.98. Trading volume and value on the southern bourse contracted by 6% and 5.64% to 520 million shares worth over VND10 trillion, including VND1.1 trillion worth of shares transacted in block deals.

Notably, in the group of steelmakers, HPG added 3.4% to VND38,200 and led the HCMC market by liquidity, with 24.4 million shares changing hands. HSG hit its upper limit and reported a matching volume of nearly 19.6 million shares. Their peers TLH and VGS also improved by 5.4-5.5%.

Besides this, major bank stocks buoyed the growth of the main index. VCB rose 2.2% to VND93,100, VPB improved 1.1%, BID soared 3.2%.

Securities stocks also closed in positive territory, with SSI, VND, BSI rising 2-2.7%; BVS and APS surging as much as 6.2% and 6.7%, respectively; and ORS increasing 3%.

Other largecap stocks such as dairy company VNM, gas firm GAS, and fuel distributor PLX egded up nearly 1%, brewery firm SAB expanded 2.5%.

On the northern bourse, the surging demand at the end of the session drove up the HNX-Index by 0.5 point, or 0.33% versus last Friday to close at 152.48, with 117 advancers and 55 decliners.

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