Vietnam’s benchmark VN-Index on the HCM Stock Exchange recovered on September 28, but slowed at the end of the session as investors increased selling to make profits.
Hanoi (VNS/VNA) - Vietnam’s benchmark VN-Index on the HCM Stock Exchange recovered onSeptember 28, but slowed at the end of the session as investors increasedselling to make profits.
The index inched up 0.13 percentto close at 804.82 points, narrowing its gain from the intraday high of 810.35points. The benchmark index bounced back from a three-session loss of 0.4 percent.
More than 192.6 millionshares were traded on the southern bourse, worth 3.86 trillion VND (171.7millionUSD), up 22.4 percent in volume and 14 percent in value compared to September27.
The improvement of themajor stock market was attributed to strong gains of Sacombank (STB), brewersSabeco (SAB) and Habeco (BHN), and energy stocks.
STB gained 2.9 percentafter the HCM City-based bank announced it had signed a deal with the VietnamAsset Management Company to offload 1 trillion VND worth of bad debts in 2017.
Sacombank shares havegained as much as 9.1 percent since the beginning of this trading week afterits chairman registered to purchase 18 million shares on the stock market.
Brewers SAB and BHN alsoperformed well. SAB jumped 4.4 percent and BHN hit its daily trading limit of 7percent. On September 27, the Ministry of Finance’s Corporate Finance Agencyproposed the State’s capital in the two beverage producers be handed over fromthe Ministry of Industry and Trade to the State Capital Investment Corporationby September 30.
In the energy sector,PetroVietnam Drilling and Well Services (PVD) saw its share prices edged up 0.7percent after crude prices bounced back in the Asia trading session. Brentcrude gained 0.7 percent to trade at 58.32 USD a barrel, recovering from atwo-day decline of 1.9 percent.
According to Bao VietSecurities (BVSC), the VN-Index was mainly boosted by some large-cap stockswhile the general trading condition remained negative with rising investorselling and weak market demand.
Investors were mostlycautious with the current trading conditions and worried about the dominationof the large-cap stocks over the market’s gain, which could lead to a marketslump if those blue chips fail to make further gains, BVSC said in its report.
On the Hanoi StockExchange, the HNX-Index fell 0.08 percent to end at 107.43 points. More than63.4 million shares were traded on the northern bourse, worth 803 billion VND.-VNA
Shares rebounded after a three-day decline on the Ho Chi Minh Stock Exchange on September 22, with the benchmark VN-Index rising 0.4 percent to close at 807.13 points.
Vietnam’s benchmark VN-Index fell slightly on September 26, covering part of losses made in intraday trading as investors hunted for low-priced stocks.
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VN-Index recovers but trading slow (Photo: VNA)
