VN-Index hits six-month peak, nears 1000 pts

By Hung Le October 1, 2019 | 05:16 am PT

People walk past the stock exchange centre in Hanoi, Vietnam. Photo by Reuters/Kham.

Vietnam’s benchmark VN-Index closed at 999.59 points at the end of Tuesday’s session, its highest point since March 20.

The VN-Index, which represents stocks on the Ho Chi Minh Exchange (HoSE), edged up 3.03 points or 0.3 percent, with 162 stocks gaining and 150 stocks losing.

The growth was driven by stocks in the banking sector, with only one stock losing. Stocks of Vietnam’s three biggest state-owned banks all rose, with VCB of Vietcombank up 1.6 percent, BID of BIDV up 1.5 percent, and CTG of VietinBank up 0.7 percent.

The VN-30, which represents the 30 biggest market cap stocks on the market, rose 0.37 percent, with slightly over half of the number of codes gaining.

In addition to stocks of major commercial banks, WMG of electronics retailing giant Mobile World, and REE of mechanical engineering giant Refrigeration Electrical Engineering rose 1.4 and 1.05 percent respectively.

However, blue-chips like VNM of dairy giant Vinamilk and SAB of the nation’s biggest brewer Sabeco saw falls of 1.7 and 1.6 percent respectively.

Oil and gas stocks, in particular shares related to national oil and gas group PetroVietnam (PVN), fared poorly this session. PVD of PetroVietnam Drilling fell 1.9 percent, PVS of PetroVietnam Technical Services, down 1 percent, PVB of PetroVeitnam Coating, down 0.5 percent, and POW of PetroVietnam Power Corporation, down 0.4 percent.

For the seventh consecutive session, foreign investors continued to be net sellers on HoSE, with a net sale of VND139.85 billion ($6.02 million) this session.

Indices of the Hanoi Stock Exchange (HNX), Vietnam’s other main bourse, and UPCoM, its unlisted public companies market, rose 0.76 and 0.1 percent respectively.