Market gains after starting week at low note

Vietnam’s benchmark VN-Index rose to its recently-set record high today as investors tune in to global trend despite two days of market losing ground.

The shares of 178 companies and four mutual funds on the Ho Chi Minh Stock Exchange gained 9.47 points or 1.56 percent over Monday to close at 616.58. Nearly 91.3 million shares worth around VND4.55 trillion (US$ million) changed hands.

Gains far outnumber declines by 139 to 29 while 14 shares remained unchanged.

According to some brokerages, hopes for bonus issuance and health third-quarter earnings reports at major listed firms have kept the market momentum going.

Vietnam largest listed brokerage Saigon Securities Inc. (SSI) remained in the spot of most active stock as 4.8 million shares were traded on the city bourse. The HCM City-based Tan Tao Industrial and Investment Corp. (ITA) came next with more than 3.4 million shares changing hands, followed by Saigon Commercial Bank or Sacombank (STB) with more than 3.36 million shares.

Declines in the southern market were led by the Thach Khe Iron Ore Investment Company in the central province of Ha Tinh, the Hanoi-based National Seed Joint Stock Co. (NSC) and HCMC-based real estate investor Van Phat Hung Joint Stock Co. (VPH).

The northern market also performed well as HNX-Index gained 4.81 points or 2.29 percent to 214.87. Around VND2.3 trillion was spent trading more than 52.6 million shares.

Meanwhile UPCoM-Index continued to rise to 75.70, up 1.31 points or 1.76 percent. Yet the trading volume dropped to 115,380, around one quarter of the day earlier. The trade value also lowered to VND1.8 billion.

On the global market, US stocks rose, sending benchmark indexes to a one-year high, on better-than-estimated earnings and speculation the economy is healthy enough for policy makers to unwind efforts to shore up the financial system, Bloomberg said.

European and Asian stocks also rose Monday as investors looked ahead to US corporate earnings reports with increased optimism over the strength of the economic recovery.

By Phong Linh

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