The benchmark VN-Index, which tracks 179 companies on the Ho Chi Minh Stock Exchange, gained for the fourth straight day Friday as investors are still bullish about the market’s momentum.
The southern market index rose 1.77 percent, 10.15 points to 581.99, with more than 70 million shares traded at more than VND3.5 trillion (US$196.8 million).
A total of 143 share prices increased, including most blue-chip shares, 18 dropped and 18 remain unchanged.
From the opening bell, HCMC Infrastructure Investment Joint Stock Company (CII) took the top spot of most-active shares, as more than 3.22 million were traded.
Saigon Commercial Bank or Sacombank (STB) came next with more than 3.2 million, followed by the HCM City-based Refrigeration & Electrical Engineering Co. (REE) with more than 2.17 million.
VN-Index is returning to a previous high of 582.84 points after five days ending below 570. The better-than-expected result negated predictions by many experts that the market would lose steam this week.
According to analysts, the gain will help test investors’ confidence and decide whether the market will rally further or slow down after that.
Many investors are still holding shares and looking forward to higher prices.
The HNX-Index in Hanoi on Friday also closed the highest of the four trading days at 189.64, up 5.22 points, 2.83 percent, from Thursday. The trade value reached more than VND1.74 trillion with more than 42.6 million shares changing hands.
UPCoM-Index gained 0.66 points, 0.99 percent, to close at 67.57. A total of VND2.8 billion was spent trading 188,720 shares.
Global stocks also rallied today.
The US major indexes flirted with 2009 highs after the Dow component Alcoa posted better-than-expected earnings and a US report showing an unexpected drop in jobless claims.
On the New York Stock Exchange, winners beat losers by nearly three to one on a volume of 1.28 billion shares. On the Nasdaq, advancers topped decliners five to four on a volume of 2.42 billion shares.
In Europe, London’s FTSE 100 gained 0.9 percent, while France’s CAC 40 and Germany’s DAX both gained 1.3 percent. Asian markets also ended higher.