VN-Index sees highest gain in 2 months

By Minh Son September 11, 2018 | 06:36 pm PT

An investor sits in front of stock market screens at a securities company in Hanoi. Photo by Reuters/Kham

Vietnam’s benchmark VN-Index closed up 1.52 percent on Tuesday, the highest in two months.

It ended the day at 985.06, up 14.72 points.

The HNX-Index on the Hanoi Stock Exchange and the UPCoM-Index for unlisted companies rose by 0.66 percent and 0.81 percent, respectively.

The VN30-Index, representing the 30 largest stocks in terms of capitalization, also rose, reaching 958.91 points for a 1.65 percent gain.

Several blue chips rose sharply, dairy giant Vinamilk (VNM) by 3.4 percent, PetroVietnam Gas (GAS) by 2.7 percent, Vietnam’s biggest private conglomerate Vingroup (VIC) by almost 2 percent, and budget carrier Vietjet Air (VJC) by 2.1 percent.

Bank stocks joined in, with Vietcombank (VCB), BIDV (BID) and Vietinbank (CTG) all rising by 1.6-3.8 percent.

ACB, HDBank (HDB), VPBank (VPB), and VIB also closed in the green.

After crossing the 1, 200-point mark on April 9, the VN-Index slumped. In the second quarter it plunged 18.19 percent, making it the worst-performing market in the world.

Since then, it has not hit four figures again, with the 1, 000 expected to be a major psychological resistance level.