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Vietnam’s stock market climbs for sixth straight session
Vietnam’s stock market increased for the sixth consecutive trading session Wednesday on the backs of decreasing gold price and slowdown in the property market.
The benchmark VN-Index, the measurement of the 156 leading companies and four closed-end funds listed on the Ho Chi Minh Stock Exchange, increased 4.12 points, or 0.9 percent, to close at 464.01.
“The market was effervescent with high stocks liquidity,” Director of the Management Board of Phuong Dong Securities Company Lam Dao Thao told Thanh Nien Daily over the phone.
Recent gold price decrease and property market stagnation have made these investment channels less attractive, leading to greater capital flow into the stock market, Thao said.
Gold price in the domestic market plummeted to VND17.4 million (US$1,048) per tael [one tael equals 37.5 grams] Wednesday from around VND19 million ($1,152) late last month.
Stocks trading volume reached nearly 21.83 million units worth VND787.38 billion ($47.72 million) Wednesday, down 5.54 percent in volume and 1.76 percent in value.
Foreign investors bought 2.45 million stocks and sold 2.63 million.
Large-caps of Saigon Thuong Tin Joint Stock Commercial Bank, PetroVietnam Fertilizer and Chemical Company, and multi-sector production and trade group Hoa Phat were among the most widely traded in the market Wednesday, respectively accounting for 19.73 percent, 7.65 percent and 6.49 percent of the total market’s trading volume.
Among 88 stocks seeing price hikes Wednesday, large-caps such as Saigon Thuong Tin Joint Stock Commercial Bank increased 2.97 percent to VND4.31 million ($261.20); Saigon Securities Company went up 2.84 percent to VND130,730 ($7.90); and technology development and investment firm FPT climbed 2.7 percent to VND221,080 ($13.40).
At the Hanoi Securities Trading Center, its HASTC-Index increased 3.1 points, or 2.22 percent, to 142.64 points Wednesday.
Thanhnien
nien
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