Market recovers as global stocks see good results

Vietnam’s benchmark index, which now tracks 180 companies and four mutual funds on the Ho Chi Minh Stock Exchange, rebounded from Thursday’s steepest decline to close the week in the green.

The VN-index gained 5.63 points or 0.97 percent to 587.12. The trading volume has dropped to around 67.7 million shares, worth VND3.17 trillion (US$176.7 million).

Only 31 stocks fell among index members, with 140 gaining and 13 remaining unchanged.

Vietnam Export Import Bank or Eximbank (EIB) reclaimed the spot of most active shares with 3.72 million shares traded on the city bourse. The top three active remained the same with Saigon Commercial Bank or Sacombank (STB) coming next with more than 3.4 million shares changing hands, followed by Saigon Securities Inc. (SSI), Vietnam’s largest listed brokerage, with nearly 3.07 million shares.

The northern market also started to recoup its losses as the HNX-Index was up 3.10 points or 1.58 percent over Thursday to 199.24, very close to the 200 level. More than 40.5 million shares were traded at nearly VND1.74 trillion.

Meanwhile UPCoM-Index fell 0.17 points or 0.24 percent to 71.83. A total of 33.560 shares worth VND436.07 million were traded.

The global market was also bullish as US stocks logged their best day in three months. Investors rushed into the market on word the economy grew faster than expected during the summer.

It was the best day for the Dow Jones industrial average since July 15 as the index rose 199.89, or 2.1 percent, to 9,962.58 while Britain’s FTSE 100 rose 1.1 percent, Germany’s DAX index rose 1.7 percent and France’s CAC-40 gained 1.4 percent.

Asian investors are still dumping stocks, dragging Japan’s benchmark Nikkei down a further 1.8 percent.

By Da Nguyet

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