VN-Index shoots up on positive projections

By Dat Nguyen August 30, 2021 | 03:24 am PT

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 surged 1.14 percent to 1,328.14 points Monday, the highest since Aug. 20, as forecasts of a recovery improve investor sentiment.

The index was in the green throughout the day and closed with a near 15-point gain, the highest in 20 days. In the past two sessions it rose a total 27 points.

Several brokerages, including BIDV Securities Company and KB Vietnam, have anticipated VN-Index could rise to 1,340-1,350 points this week after having established a support level of around 1,300 points.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, stayed mostly unchanged at VND21.39 trillion ($942 million).

The VN30 basket, comprising the 30 largest capped stocks, saw 25 tickers end in the green, led by CTG of state-owned lender VietinBank with a 3.7 percent gain.

This is its biggest gain in a day since July 15. Trading volume, however, remained small at 22 percent lower than the average of the last 10 sessions.

It was followed by BVH of insurance company Bao Viet Holdings at 3 percent and TCB of the largest private lender Techcombank at 2.4 percent.

HPG of steelmaker Hoa Phat Group rose 2.3 percent, while STB of Ho Chi Minh City-based lender Sacombank gained 2.2 percent.

On the losing side, MSN of conglomerate Masan Group fell 2.4 percent, while SAB of brewer Sabeco lost 0.9 percent.

VIC of biggest private conglomerate Vingroup fell 0.7 percent, continuing its downward trend that began in April.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, gained 0.74 percent while the UPCoM-Index for the Unlisted Public Companies Market rose 1.18 percent.