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|The benchmark VN-Index on the HCM Stock Exchange was up 0.52 per cent on Friday to finish last week at 968.47 points. It gained a weekly rate of 0.92 per cent.- VNA/VNS Photo|
The benchmark VN-Index on the HCM Stock Exchange was up 0.52 per cent on Friday to finish last week at 968.47 points. It gained a weekly rate of 0.92 per cent.
The HNX Index on the Ha Noi Stock Exchange also increased by 0.57 per cent to end last week at 108.41 points, rising total 2.66 per cent week on week.
An average of more than 218.4 million shares was traded in each session last week, worth VND4.9 trillion (US$217.8 million).
Foreign investors concluded last week as net sellers, posting total VND660.85 billion worth of net sell value.
Banking-financial, energy and agriculture stocks were the main driving factors for the stock market last week following positive news about their businesses.
Shares of State-owned insurance-banking and energy companies, especially large-cap ones, progressed after government officials and State-owned enterprises signalled the Government was willing to sell its stakes in those firms by 2020.
Among financial-banking stocks, Vietcombank (VCB) gained total 8.5 per cent last week. Other bank stocks such as Bank for Investment and Development of Viet Nam (BID) surged 12.6 per cent, Vietinbank (CTG) was up 6.1 per cent, and insurer Bao Viet Holdings (BVH) rose 8.3 per cent.
Energy stocks such as PetroVietnam Gas (GAS), PetroVietnam and Drilling Services (PVD) and PetroVietnam Technical Services (PVS) have gained total 5.4 per cent, 9 per cent and 10.6 per cent, respectively.
Energy stocks were also boosted by stronger oil prices on the global markets. US benchmark West Texas Intermediate (WTI) and Brent closed last week at $67.63 a barrel and $72.81 a barrel.
According to Bao Viet Securities JSC (BVSC), the market rallied for a fourth week to strengthen its short-term uptrend.
Despite an early drop on Friday, the market recovered and advanced towards the last minutes and that gave positive signals for the market’s movement early this week, BVSC said in a report.
Investor confidence clearly improved as cashflow continued rising last week to notch the average session value of VND4.9 trillion, Sai Gon-Ha Noi Securities JSC (SHS) said in a note.
That helped raise the mid-term assessment of VN-Index’s trend from “negative” to “neutral” while its short-term uptrend had been assured, SHS said.
The main concern for the market at the moment was net foreign selling, the Ha Noi-based brokerage firm said. “However, the net foreign selling has signaled a decline in the last few sessions.”
For this week and others to come, investors may focus on the shares of listed companies that show positive earnings prospects for the third quarter of the year, according to BIDV Securities JSC (BSC).
Those firms might be banks, property developers and energy companies, BSC said in a note.
The benchmark VN-Index might keep increasing this week to the next target of 985 points, SHS forecast.
“However, the market may suffer some alternate corrections and volatility while moving up,” BVSC noted.