Stocks soar on blue chip gains

The VN-Index soared to a five-year high of 607.73 points on August 5, up 1.45 percent over the previous day. The rise was again due to rallies made by blue chips.

The biggest stock in terms of market value on the Ho Chi Minh Stock Exchange, PV Gas (GAS), surged 4.5 percent to close at 117,000 VND (5.55 USD) per share after the corporation posted a 6 percent rise in second-quarter profit.

Software giant FPT Corporation (FPT), a member of the top 30 shares by market value and liquidity, also jumped 3 percent to end at 51,500 VND (1.44 USD) a share. The group on August 4 appointed Tomokazu Hamaguchi, Chairman of Japan Information Technology Services Industry Association, to its management board.

Hamaguchi was former president and CEO of NTT Data Corporation, the sixth largest global IT services company and a Fortune 32 telecommunications and IT services company. The move shows FPT's ambition to reach out to the world.

The VN30, which tracks the top 30 shares with the highest market value and liquidity, went up 0.72 percent to close at 643.56 points.

Overall trading was positive as market volume increased 20 percent over the previous session, totalling 86.6 million shares and fund certificates, worth nearly 1.62 trillion VND (77 million USD), up 35 percent on August 4.

Real estate FLC Group (FLC) continued to be the most active code on the southern bourse with 8.5 million shares traded. The share price also rose 2.3 percent to end at 13,400 VND (0.64 USD).

On the Hanoi Stock Exchange, the HNX-Index also gained 0.74 percent to end at 80.12 points, the highest close since October 2009.

Blue chips were the main support as the HNX30 grew 1.21 percent to stand at 160.86 points.

Trading became busy in the afternoon, lifting market volume up 50 percent above the previous day to nearly 44 million shares. Value of trades also rose 40 percent to 573 billion VND (27 million USD).

PetroVietnam Construction Corporation (PVX) was the leading stock in terms of volume with 7.5 million shares, climbing 4.4 percent to touch 4,700 VND.

By contrast to the enthusiasm of domestic investors, foreigners unexpectedly sold shares across the two bourses. They were responsible for a combined net sell value of nearly 72.5 billion VND (3.4 million USD).-VNA

Source: Vietnamplus

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