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Blue chips send Vietnam stock market into the green

By Hung Le   February 11, 2019 | 02:43 am PT
Blue chips send Vietnam stock market into the green
Today's session saw the biggest gains for VN30 blue-chips. Photo by Shutterstock.
Blue chip stocks pushed the VN-Index to its highest since mid-December as trading resumed after a long Tet holiday.

At the end of the first trading session on Monday after the 9-day Lunar New Year Festival (Tet), Vietnam’s benchmark Ho Chi Minh Stock Exchange VN-Index reached 926 points, up 1.92 percent, with the highest transaction value of the last 18 days at VND1.33 trillion ($57.2 million).

With heightened demand, real estate and financing stocks led the stock price increases, with other sectors such as banking, oil and gas, and textiles also in the green.

Significant gains for blue-chips were the highlight of the session, led by VIC stock of real estate conglomerate Vingroup, which went up 3.2 percent.

In addition, shares for major commercial banks like Vietinbank (up 2.99 percent), Asia Commercial Bank (up 1.02 percent) and VPBank (up 4.49 percent) contributed significantly to the positive session.

As a result, the basket of highest market cap stocks, the VN30-Index, saw an increase of 1.52 percent this session, the highest growth since early December last year.

Foreign investors spent VND332.7 billion ($14.3 million) and sold stocks worth VND320.4 billion ($13.78 million) in the session, showing a clear preference for blue-chip stocks in the VN30-Index.

Bernard Lapointe, head of research of Rong Viet Securities, told Bloomberg recently that he was optimistic but not too optimistic about the market this year. He expects the VN-Index to stay within the 900-1,000 points range until the end of 2019.

Meanwhile, Michel Tosto, head of Institutional Sales and Brokerage of Viet Capital Securities, predicted that the VN-Index could reach 1,060 points at the end of 2019.

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