return icon Vietnamnet.vn

VN-Index hits over one-month high

Shares rose for the third consecutive day on the HCM Stock Exchange on August 30 as investors continued to focus on large-cap stocks in expectation of further market growth.
Shares rose for the third consecutive day on the HCM Stock Exchange on August 30 as investors continued to focus on large-cap stocks in expectation of further market growth.

{keywords}

The benchmark VN-Index, the measure of 310 stocks, inched up 0.5 per cent to close yesterday’s session at 672.7 points, the highest in one and a half months. It has risen 2.2 per cent in the past three days.

The HNX-Index on the smaller market in Ha Noi, tracking 379 stocks, was up 0.6 per cent to end at 84.7 points. It declined 0.9 per cent on Monday.

Specific stocks continued to boost the market.

Eight of the top 10 largest shares by market capitalisation gained value, of which Masan Group (MSN) was the most significant gainer with a rise of 4.5 per cent. Its share price has climbed 13.8 per cent in the last three sessions following the announcement of a 20-million-share buyback.

Insurer Bao Viet Holdings (BVH) and PV Gas (GAS) each increased 2.5 per cent, while others, including dairy firm Vinamilk (VNM), steelmaker HoaPhat Group (HPG), Vietinbank (CTG) and real estate giant VinGroup (VIC) increased by less than 1 per cent.

On the other end of spectrum, however, some blue chips declined and pulled back the market.

Shares of Vietcombank (VCB), the second-largest listed bank, lost 3.5 per cent in value. Bloomberg on Monday reported that the Singapore sovereign fund GIC Pte had signed a memorandum of agreement to purchase 305.8 million shares of Vietcombank, part of a private placement of 359.8 million shares in its upcoming additional issue to raise charter capital.

According to the report, the foreign fund reached a preliminary agreement to pay less than US$400 million, a discount from the current market price, for a 7.7 per cent stake. Vietcombank’s shares have gained about 31 per cent in value this year.

According to analysts at Maritime Bank Securities Co, the market will likely experience volatility when the VN-Index touches a strong resistance zone of 675-680 points.

Despite slight increases in the last two settlements, analysts reckon the market is being exposed to short-term risks, driven by the upcoming reallocation of exchange-traded funds and increasing profit-taking selling pressure when the market approaches its peak.

Liquidity declined with a total of nearly 140 million shares worth VND2.9 trillion ($130 million) being traded in the two markets, down 35.8 per cent in volume and 14.7 per cent in value compared with Monday’s levels.

Foreign trade showed mixed results yesterday. In HCM City’s market, the foreign sector was a net seller with shares worth a net value of almost VND117 billion unloaded. In the Hanoi market, the sector remained a net buyer with a net value of VND28 billion. On Monday, the foreign sector was a net buyer on both the exchanges with a total value of VND52.5 billion.

VNS

MORE NEWS

Vietnamese professor honoured with prestigious IUPAC award

Vietnamese Professor Nguyen Thi Kim Thanh has received “the Distinguished Women in Chemistry or Chemical Engineering Awards” by the International Union of Pure and Applied Chemistry (IUPAC) in 2023.

Hanoi targets GRDP per capita of 36,000 USD by 2045

Hanoi is set to become a globally-connected city with high living standards and quality of life, according to a new plan that aims to raise the Gross Regional Domestic Product (GRDP) per capita to 36,000 USD by 2045.

Vietnamese security expert honored by US wireless carrier

Ngo Minh Hieu, a white-hat hacker, has been honored by many US technology corporations.

Many real estate firms declared bankruptcy in 2022

The number of real estate firms declaring bankruptcy and dissolution in 2022 increased by 38.7 percent over 2021, according to the Ministry of Construction’s (MOC) recent report.

Electricity prices must be reasonable: PM

Prime Minister Pham Minh Chinh recently chaired a conference on domestic consumption and exports in 2023.

Vietnamese aviation market predicted to fully recover by year-end

The Vietnamese aviation market is forecast to fully recover by the end of this year, according to a global outlook for the aviation industry released by the International Air Transport Association (IATA) recently.

Many Japanese firms plan expansion in Vietnam: JETRO poll

Sixty percent of Japanese investors in Asia-Pacific polled in a 2022 survey by the Japan External Trade Organization (JETRO) said they plan to expand operations in Vietnam within the next two years.

Artificial intelligence programs can't replace human: Experts

With limited data resources and reliance on the will of programmers, AI-powered applications such as ChatGPT can give incorrect answers to user queries.

Despite decelerating, phone exports still have long-term prospects

Phones and components achieved an export turnover of US$57.9 billion last year, a year-on-year increase of only 0.8 per cent.

Hopes gaining ground for 5G commercialisation in 2023

With 5G commercialisation in the gun barrel for 2023, the road for tech players to expand in the market is around the corner, but more favourable conditions may be required to make the most of the situation.

HCM City to launch appropriate programs, policies to attract young talents

The Pham Ngoc Thach University of Medicine in HCM City on February 6 held a talk on seeking solutions for supporting and developing young talents and future leaders and implementing program 01 of the municipal Party Committee.

Admiring the tranquil beauty of the holy land

Located in Chuong My District of Hanoi, the ancient Tram Gian Pagoda has been known far and wide for its long history and beauty.

Central bank not tighten real estate credit: Deputy Governor

The State Bank of Vietnam (SBV) has never issued any documents or statements ordering credit for real estate be tightened, Deputy Governor Dao Minh Tu said on February 8.

Vietnamese Prime Minister starts official visit to Singapore

Prime Minister Pham Minh Chinh, his spouse, and a high-ranking Vietnamese delegation arrived in Changi Airport on February 8 afternoon, starting a three-day official visit to Singapore.

Businesses discuss ways to overcome challenges in 2023

Warned that uncertainties will still exist in 2023, businesses need to prepare well to weather the storm.
back_to_top