VN-Index hits new historic peak

By Dat Nguyen   October 27, 2021 | 01:31 am PT
VN-Index hits new historic peak
An investor looks at stock prices on a smartphone at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam’s benchmark VN-Index shot up 2.26 percent to 1,423.02 points Wednesday, a new historic peak, fueled by expectations of a strong economic recovery.

The index closed 31 points higher, ending two weeks of sideways movement. It exceeded the previous peak of 1,420.27 points on July 2.

Investors' expectations of a post-pandemic stimulus package boosted the index. They also feared they would lose the opportunity to profit in a bullish market, a leader of a HCMC brokerage said.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, surged 35 percent to the highest in over five weeks.

All tickers of the VN30 basket, which comprises the 30 largest capped stocks, ended in the green, led by GAS of state-owned Petrovietnam Gas with a 6.9 percent rise.

The ticker secured a new peak, continuing its upward trend that began at the end of last month.

MSN of conglomerate Masan Group rose 5.2 percent to a two-week high.

KDH of real estate firm Khang Dien House gained 4.2 percent to a new peak.

SSI of leading brokerage SSI Securities Corporation rose 4.1 percent, while CTG of state-owned lender VietinBank gained 4 percent.

The smallest gainers included POW of electricity producer Petrovietnam Power Corporation, NVL of real estate developer Novaland Group and PDR of Phat Dat Real Estate Development, all under 1 percent.

Foreign investors ended a chain of seven net-selling sessions with a VND1.02 billion net purchase, focusing on NLG of real estate developer Nam Long Investment Corp and VRE of retail real estate arm Vincom Retail.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 1.65 percent, while the UPCoM-Index for the Unlisted Public Companies Market gained 0.78 percent.

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