VN-Index gains 108 points in a week

By Minh Son December 3, 2022 | 08:24 pm PT

An investor looks at stock prices on a laptop at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

Vietnam's benchmark VN-Index closed this week with a 108-point gain as expectations of inflation being kept under control improved investor sentiment.

The VN-Index closed the week 11.17% higher at 1,080.01 points with a 4.2% gain on Friday alone, the biggest in a session since the end of May.

Average trade per session on the three exchanges – the Ho Chi Minh Stock Exchange, the Hanoi Stock Exchange and the Unlisted Public Company Market – surged 78.3% from last week to reach over VND20.4 trillion.

Foreign investors net bought a record-high VND9.18 trillion in stocks during the week, with particular focus on STB of Ho Chi Minh City-based lender Sacombank, HPG of steelmaker Hoa Phat Group and SSI of leading brokerage SSI Securities Corporation.

They net bought VND14.9 trillion in November, highest this year.

Analysts with brokerage VNDirect said that investors have been encouraged by expectations that the U.S. Federal Reserve will slow down its interest hikes, the reopening of the Chinese economy and a redistribution of credit quota to certain banks.

Bank stocks have recovered strongly with a 16.3% gain for VCB of Vietcombank, 25.2% for TCB of Techcombank and 11.6% for VPB of VPBank.

Property stocks also went up with PDR of Phat Dat Real Estate Development surging 21% in the week and NVL of real estate developer Novaland Group up 16.4% after hitting floor prices for weeks.

VNDirect analysts anticipate that the resistance area will rise from 1,125 points to 1,140 points.