VN Index rally extends for second day

16-Oct-2019 Intellasia | The Saigon Times | 6:02 AM Print This Post

The local stock market, backed by upbeat investor sentiment, rose for the second session today, October 14, with the VN Index up 1.73 points.

Market breadth was positive with 176 gainers and 137 decliners. The benchmark VN Index of the Hochiminh Stock Exchange closed the day at 993.57 points, up 0.17 percent against the session earlier.

There were over 198.8 million shares worth VND4.3 trillion changing hands, rising by 15.05 percent in volume and 10.8 percent in value over the previous session. In block deals, some 22 million shares were traded with a total value of VND830 million.

Shares of property developer FLC Group were sought after on the southern market today, October 14. At the close, FLC shot up to its ceiling price, with 2.93 million shares changing hands.

FLC’s strong gain was ascribed to news that Bamboo Airways, a subsidiary of FLC Group, is planning to list on either the Hochiminh Stock Exchange (HOSE) or the Hanoi Stock Exchange (HNX) in the first quarter of next year. Its starting price is expected to range from VND50,000 to VND60,000 per share.

Nguyen Khac Hai, deputy general director of the airline, told Bloomberg that the carrier expects its market cap to reach $1 billion after its initial public offering (IPO) in the first quarter of 2020.

Other associated firm of FLC, agricultural firm HAI, also performed well as it ended up 6.96 percent.

For bank stocks, except for lender VCB falling 0.4 percent at VND85,000 per share, many others gained, with CTG, HDB, TCB and EIB advancing 2.6 percent, 1.4 percent, 1.3 percent and 1.2 percent, respectively. Notably, lender MBB jumped 3.1 percent at VND23,450 per share, with 11.8 million shares changing hands.

On the southern bourse, the weak performance of some large-cap stocks hindered the VN Index from climbing to the 1,000-point level. Retailer VRE dropped 2 percent while property firm VHM and consumer goods firm MSN inched down 0.6 percent and 0.5 percent.

Foreign investors net bought over VND25 billion of shares, mainly NVL and VIC shares, on HOSE.

The northern exchange on October 14 saw the HNX-Index closing up for the fifth session in a row with a 0.74 percent gain at 106.05 points.

Trade on the Hanoi market totalled 27.97 million shares worth VND399.4 billion transacted, soaring by 55.8 percent in volume and 73.1 percent in value against the session earlier.

Lenders ACB and SHB were the two most actively traded stocks on the bourse. ACB closed the session up 2.1 percent, with 3.7 million shares transacted, while some 6.2 million SHB shares were traded.

Trading and food service firm KLF and securities enterprise ART, other associated firms of FLC, also reported active trading on the northern bourse, with 2.17 million KLF shares and 1.88 million ART shares changing hands.

https://english.thesaigontimes.vn/72038/vn-index-rally-extends-for-second-day.html

 


Category: Stocks, Vietnam

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