VN-Index climbs on rate cut news

Shares on both national bourses started the week on a positive note, with the benchmark VN-Index soaring to a four-year high after the central bank slashed key interest rates on March 18.

The stock market, currently the most profitable investment channel, remained a destination for profit-seeking cash flow. Profits from the stock market are typically invested in real estate, said Quang Tung, an individual analyst.

The VN-Index surged 5.8 points to close at 607.55 points. Market breadth was positive on the Ho Chi Minh City Stock Exchange, where green spread across the billboard with 219 stocks advancing, 28 remaining unchanged and 52 tumbling.

Boisterous transactions spurred liquidity. With nearly 194 million shares traded, total trading volume in the southern bourse reached more than 3.2 trillion VND (155 million USD).

The price of bank and securities shares increased with the frequency of transactions. Saigon Securities Inc (SSI) hit the ceiling price at 29.8 VND per share, Sacombank (STB) went up 900 VND (0.04 USD) to end at 20.9 per VND share and Vietcombank (VCB) rose 700 VND (0.03 USD) to close at 31.8 VND per share.

The VN30-Index, which lists the southern bourse's 30 largest stocks by capitalisation and liquidity, rose 9.34 points or 1.37 percent to close at 689.32. Market volume was down 15 percent from the previous day, totalling 195 million shares and fund certificates worth 3,273 billion VND (156 million USD), down 35 percent from March 21.

Tan Tao Investment – Industry Corporation (ITA) continued to lead the bourse by liquidity with more than 14 million shares changing hands. The stock rallied 4.2 percent to end at 10,000 VND per share.

Hoang Quan Consulting Trading Service Real Estate Corporation (HQC) came second in market volume with 9.5 million shares traded, surging 6.4 percent to close at 10,000 VND per share. FLC Group (FLC) gained 6.8 percent to reach 15,700 VND per share on trades of 7.4 million shares.

The HNX-Index also added 2.9 percent to end the day at 92.99 points. Liquidity remained high.

The HNX 30, comprised of the northern city's leading stocks in terms of capitalisation and liquidity, gained 3.61 percent to end at 191.94 points.

This was the eighth consecutive trading session in the northern bourse, where there were 251 gainers, 50 losers and 28 that closed unmoved.

Trading volume was down 15 per cent from last Friday, totalling 115 million shares worth 1,419 billion VND (67 million USD), down 20 percent from the previous day.

Sai Gon-Hanoi Bank (SHB) was the most active stock with 8 million shares traded, rising 3.45 percent to close at VND12,000 per share.

Sai Gon Thuong Tin Real Estate Joint Stock Company (SCR) came third in liquidity with 15 million shares changing hands, jumping 7.41 percent to end at 11,600 VND per share. Kim Long Securities (KLS) surged 2.8 percent to finish at 14,700 VND on trades of 5.6 million shares.-VNA

Source: Vietnamplus

Other news