VN-Index hits 1,000 points again

The VN-Index of the Hochiminh Stock Exchange rose past the 1,000-point level in the afternoon phase today, September 20, driven by strong demand for leading stocks such as consumer goods firm MSN and oil and gas enterprise GAS.

The main index closed the day up 9.2 points, or 0.9%, at 1,004.74. Trading on the southern bourse remained strong with 204.5 million shares worth VND5 trillion changing hands, down 16% and 2% against the previous session, respectively.

Among oil and gas stocks, GAS climbed 3.5% at VND116,000 a share, turning the top contributor among gainers and having surged 58.5% since July 5. Besides, oil drilling firm PVD added 4% at VND18,000 per share and PXS jumped to the near the ceiling price of VND6,900 a share.

MSN also outperformed after announcing that South Korea’s SK Group will buy all its 109.9 million treasury shares (or a 9.5% stake) at VND100,000 a share, which will give MSN new capital of US$470 million. The enterprise gained 1.4% at VND92,500 a share on matching volume of over 1.2 million shares.

Most large caps saw active trading, in which steel maker HPG was the volume leader on the market with 9.9 million shares traded. Some lenders such as TCB, CTG and VPB saw matching volume of over five million shares each while PVD saw over four million shares transacted.

The Hanoi Stock Exchange became volatile but the HNX-Index still managed to move higher following the strong rise on the southern market, rising 0.75% from the session earlier at 115.06 points. Market turnover slightly edged lower as volume and value dropped 8% and 6% to 57.3 million shares worth VND769.7 billion.

Many heavyweights led the northern index’s rally, in which lenders SHB and ACB advanced 1.2% and 0.9% at VND8,700 and VND33,800 a share, respectively. SHB again took the lead by liquidity with nearly 6.4 million traded, followed by oil and gas stock PVS with 5.2 million shares.

Construction firm MBG plunged to the floor price of VND6,000 per share, breaking its five-session winning streak including four days hitting the ceiling prices. DPS, which is active in the transport and building material sectors, also closed at the floor trading of VND900 with over 2.9 million shares changing hands.

According to vietstock.vn, both exchanges may see turnover sharply improving tomorrow because investor sentiment is strong. Therefore, they will see portfolio restructuring activities by exchange traded funds as an opportunity to pick stocks with promising outlooks in the second half of 2018.

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