VN-Index jumps at steepest pace in five months

The Vietnam’s benchmark VN-Index gained the most since the beginning of this year, expanding its winning streak to five consecutive days on June 1 as investors rushed to buy on speculation that stocks were extremely cheap.

The shares of 284 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange jumped 3.4 percent, or 14.32 points, to close at 435.69 points.

Of the index, 208 stocks advanced, 35 retreated, while 46 remained unchanged.

Trading on the city bourse fell by 49 percent in volume and 49 percent in value over the previous trading session as 33.94 million shares changed hands at a value of VND581 billion.

Saigon Securities Inc. (SSI), the country’s largest brokerage, kept the position of most active share by volume with 1.8 million shares changing hands.

Vietnam Commercial Joint Stock Export Import Bank or Eximbank (EIB) followed with 1.63 million shares traded.

Tan Tao Investment & Technology Joint Stock Company (ITA) came in third with 1.62 million shares.

Gainers on the city bourse included Ho Chi Minh City Securities Corporation (HCM), Hoa Phat Group Joint Stock Company (HPG), Lilama 18 Joint Stock Company (LM8), and Bank for Foreign Trade of Vietnam or Vietcombank (VCB). They all shot up the daily maximum allowed limit of 5 percent to VND16,800, VND33,600, VND10,500, and VND29,400 respectively.

Long Hau Corporation (LHG) declined the third day, losing 4.86 percent to VND37,200.

Cuong Thuan IDICO Development Investment Corporation (CTI) tripped 4.83 percent to VND27,600.

Binh Duong Construction & Civil Engineering Joint Stock Company (BCE) sank 4.76 percent to VND8,000.

The Hanoi’s HNX-Index of the smaller in the north also rebounded impressively, recovering 3.24 percent, or 2.25 points, to close at 71.73 points. Trading volume slightly slid over the previous trading session as nearly 28 million shares worth VND285.4 billion changed hands. Foreign investors continued net buying VND4.5 billion this morning.

Meanwhile, the UPCoM-Index of unlisted shares inched up 0.06 points to 32.53 points this morning. A total of 126,800 shares changed hands at a value of VND1.38 billion.

By Thuy Doan

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