VN-Index up for eighth day in a row

Vietnam’s benchmark VN-Index extended its rally on November 29 for the eighth consecutive session as investor confidence was lifted by expectations of the Government selling its stakes in listed companies.

Investors at Saigon Securities Inc in Hanoi (Photo VNA)

Investors at Saigon Securities Inc in Hanoi (Photo VNA)

The VN-Index on the HCM Stock Exchange rose 1.16 percent to close at 952.14 points. It has gained total 6.9 percent in the last eight consecutive sessions.

Gainers outnumbered losing stocks by 149 to 124, while 54 other stocks ended flat. More than 229.8 million shares were traded on the southern bourse, worth 5.53 trillion VND (246 million USD).

Trading liquidity declined by 36 percent in volume and 37.4 percent in value compared to November 28’s figures.

Two-thirds of the 30 largest stocks by market capitalisation in the VN30 Index advanced, lifting the large-cap index by 1.16 percent to hit 946.55 points.

The southern market on the day recorded big increases of listed companies in which investors expect the Government will soon offload its ownership. Those companies included Binh Minh Plastic JSC (BMP) and brewers Sabeco (SAB) and Habeco (BHN).

At Sabeco’s roadshow the same day, the Ministry of Industry and Trade announced it would auction 343.7 million shares in the company, equal to 53.59 percent of the brewer’s capital, at the initial price of 320,000 VND per share.

Sabeco shares were boosted 5.9 percent following the announcement, hitting 339,000 VND per share at the end of the session.

shares surged 7 per cent, reaching its daily increase limit while BMP jumped 4 percent.

Other large-cap stocks also performed well, such as insurance-finance group Bao Viet Holdings (BVH), Thanh Cong Tay Ninh Sugar JSC (SBT), Sacombank (STB), Vietinbank (CTG) and MBBank (MBB).

According to Bao Viet Securities (BVSC) analysts, the VN Index is expected to extend growth further to approach the range of 975-980 points following November 29’s strong showing.

The benchmark index is forecast to rise and touch the 955-point level in the short-term, according to BVSC, however, analysts warned investors should be cautious as the market was mainly driven by large-cap stocks, signaling unsustainable development at the moment.

On the Hanoi Stock Exchange, the HNX Index rose 2.20 percent to end at 113.95 points, recovering from the previous day’s decline of 0.47 percent.
More than 93 million shares were traded on the northern bourse, worth 1.37 trillion VND.

Vietnamplus

Other news

Most view

The VN-Index of the Ho Chi Minh Stock Exchange (HoSE) rose 21.12 points on July 18 (Photo: VNA)

VN-Index rises over 21 points

The VN-Index of the Ho Chi Minh Stock Exchange (HoSE) rose 21.12 points on July 18, with 223.9 million shares worth over 4.9 trillion VND (211 million USD) traded. 

Banking-finance

VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.


Economy

185 leading domestic & in't enterprises join in VN ETE 2018

The Vietnam Exhibition of Electrical Technology and Equipment (Vietnam ETE 2018) and the Exhibition of Products, Technologies for Energy Saving and Green Power (ENERTEC EXPO 2018) yesterday kicked off in HCMC’s Saigon Exhibition Convention Center in district 7.

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market

SAS profits VND 118bln

The Southern Airports Service Joint Stock Company (Sasco) which is listed under code SAS on the Unlisted Public Company Market (UPCoM), announced its second quarter’s financial report with net revenue at VND 634.5billion, an increase of 14 percent compared to last year.