VN-Index extends wining run amid global rally

The Ho Chi Minh Stock Exchange remained positive on Thursday following healthy performances of global share markets.

VN-Index, the gauge of 174 stocks on Vietnam’s major exchange, moved up on soon after the opening bell, before slumping in the second session due to heavy selling from investors’ profit taking.

However, the index eventually rebounded to close higher 4.21 points, 0.76 percent, at 561.19 as investors returned to a buying mood, believing the market is really in a bullish trend. Of the index members, 69 stocks advanced and 75 dropped.

The market’s liquidity continued to improve as trading volume increased nine percent from the previous day, with 73.3 million shares worth VND3.64 trillion changing hands.

“Investors confidence on the HCMC exchange today was boosted by stock markets’ rallies around the world,” said a broker.

The US’s stocks rose for a third day on Wednesday, hitting fresh 2009 highs in a broad-based rally following economic data that suggested a stronger-than-anticipated global recovery, according to Reuters.

The Dow Jones industrial average was up 108.30 points, 1.12 percent, at 9,791.71. Standard & Poor's 500 Index was up 16.13 points, 1.53 percent, at 1,068.76. The Nasdaq Composite Index was up 30.51 points, 1.45 percent, at 2,133.15.

Asian stocks also hit their highest level in 13 months on Thursday, with Japan’s Nikkei 225 Stock Average rising one percent, S&P/ASX 200 Index gaining 1.5 percent and Hong Kong’s Hang Seng Index climbing 1.8 percent.

The MSCI Asia Pacific Index gained 0.8 percent to 118.55 points as of 2 pm (Tokyo time), the highest since September 9, 2008. The gauge climbed 68 percent from a more than five-year low on March 9 as stimulus measures around the world pulled economies out of recession. Stocks on the gauge are priced at an average 1.6 times book value, up from 1.03 times at the March low.

Saigon Thuong Tin Commercial Joint-Stock Bank (STB), known as Sacombank, remained the most active stock by volume, with a record trading volume of 15.8 million shares being traded. The HCMC-based lender rose 3.48 percent to close at VND32,700. 

At the smaller bourse in Hanoi, the HNX-Index swung between negative and positive territories before closing lower 0.19 points, 0.11 percent, to finish at 174.68.

The UPCoM-Index of the unlisted stock rose slightly 1.03 points, 1.62 percent, to close at 64.67 as of 11 am.

By Gia Han

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