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Vietcombank, FPT shares hit new highs
Vietnamese shares moved up on Monday as solid performances saw shares in Vietcombank and tech group FPT hit record highs.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 0.67 per cent to end at 1,022.43 points.
The VN-Index was up 1.9 per cent last week.
The banking and technology sectors were the two strongest-growing industries on the stock market.
The two sectors’ indices gained 2.6 per cent and 2.1 per cent, data on vietstock.vn showed.
Driving the two industries were shares in Vietcombank (VCB) and FPT Corporation (FPT).
Vietcombank shares jumped 3.6 per cent to touch their highest price of VND92,000 since the bank’s debut on the southern bourse 10 years ago.
Tech group FPT also marked a new high on the stock market since debuting in mid December 2006, rising 2.4 per cent to VND59,900.
Strong performances by the two large-cap stocks boosted other companies in their sectors, including the Bank for Investment and Development of Vietnam (BID), Techcombank (TCB), VPBank (VPB) and CMC Corp (CMG).
The large-cap VN30-Index, which tracks the 30 largest stocks by market capitalisation and trading liquidity, rose 0.72 per cent to 940.25 points.
Other sectors that also advanced included securities, retail and healthcare and pharmaceuticals.
According to securities firms, positive developments in the US-China trade relationship over the weekend supported market sentiment, making the Vietnamese market move forward along with other markets in the region.
But brokerage companies warned of some shake-offs before the Vietnamese stock market continued to higher grounds.
It was a good performance overall, VNDirect Securities Corporation (VNDS) said in its daily report.
Positive developments in global markets would support local market sentiment, VNDS said.
But profit-taking signalled the VN-Index may correct in the next trading days, the company said.
Despite Vietcombank, FPT and BIDV making strong gains on Monday, their closing prices were still lower than intraday growth peaks by 0.5-1 per cent.
Meanwhile, the market depended too much on large-cap stocks and investors should pay attention to the fact that declining stocks outnumbered gainers by 185 to 145, MB Securities Co (MBS) noted.
In addition, the VN30 futures that expire in November closed Monday at 937.00 points – 3.25 points lower than the VN30-Index – and that indicated investors thought the market would soon suffer some fluctuations, Sai Gon-Ha Noi Securities (SHS) said.
SHS forecast that the VN-Index may need some rest before heading towards the next resistance level, which is expected at 1,040-1,045 points.
On the Ha Noi Stock Exchange, the HNX-Index gained 0.80 per cent to end at 106.60 points.
The northern market index totalled an increase of nearly 1 per cent last week.
Nearly 260 million shares were traded on the two bourses, worth VND5.54 trillion (US$239 million).
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