The benchmark VN-Index hit an almost decade-high on November 22 after large cash flows poured into blue-chip stocks on investor optimism over a sustainable uptrend.
Hanoi (VNA) - The benchmarkVN-Index hit an almost decade-high on November 22 after large cash flows pouredinto blue-chip stocks on investor optimism over a sustainable uptrend.
On the HCM Stock Exchange, the VN-Indexclosed up 1.56 percent at 932.66 points, the highest since December 12, 2008.The key market index has expanded 11.4 percent since the beginning of November.
Bank and energy stocks were the majorsupporter while the engines of the previous sessions – VinGroup (VIC) andVinamilk (VNM) – tumbled under high profit-taking pressure.
All six listed banks on the southern boursegained value, of which Vietinbank (CTG) and BIDV (BID) – two of the Big Four(four biggest banks by market value and total assets) – hit the daily riselimit of 7 percent.
Other banks with positive performance, likeVPBank (VCB), Eximbank (EIB) and Sacombank (STB) increased by between 1.7 percentand 4.6 percent.
Major energy stocks including PV Gas (GAS),PetroVietnam Drilling and Well Services (PVD) and Petrolimex (PLX) rallied byover 2 percent each thanks to positive developments in the global oil market.
West Texas Intermediate (WTI) and Brentcrude prices climbed correspondingly 3.9 percent and 2.2 percent over the pastweek amid investor optimism on an extension of the OPEC’s oil supply cut pactat the meeting on November 30 in Vienna.
“The alternate increases of large-capstocks are expected to support the market’s uptrend in the short term. However,the market will also see a wide divergence with cash inflows mostly runninginto stocks with supportive information,” Tran Duc Anh, a stock analyst at BaoViet Securities Co, wrote in the November 22 report.
Twenty-six stocks of the top 30 largestshares by market value and liquidity (VN30) on the HCM Stock Exchange advancedand only four declined.
VinGroup’s shares dropped 1.3 percent afterfive consecutive rising sessions while shares of Vinamilk fell 2.2 percent.
Positive sentiment extended to the northernstock exchange with the HNX-Index rising 1.17 percent to close trade at 109.29points after a two-day loss.
Liquidity was almost unchanged comparedwith the previous session with a total of 261.6 million shares worth a combined7.2 trillion VND (315.8 million USD) traded in the two markets. - VNA
The stock market will feature a series of initial public offerings (IPOs) by State-owned enterprises (SoEs), including mega corporations, this year-end.
Fourteen listed companies on the HCM City Stock Exchange and Hanoi Stock Exchange have been honoured with the IR Awards for having the best investor relations in 2017 after being voted for by investors and financial institutions.
The benchmark VN-Index rose to yet another new 10-year peak on November 20, ending the session at 903.55 points, up 13 points, or 1.44 percent over November 17’s close.
Shares shook sharply on November 21’s afternoon trade under increased profit-taking activity but still closed higher thanks to solid investor confidence in the market outlook.
The complex, covering a total area of 512 ha, is designed after a multi-functional model, prioritising the preservation of natural landscapes, honouring local beauty, and creating an ideal living area.
He requested delegates to provide objective and honest feedback on what has been achieved, what has not, the consequences, and draw lessons learned for the future. He also emphasised the need to identify key directions and tasks, with a firm resolve to prevent, and eventually eliminate the trafficking of counterfeit medicines and fake food products.
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Vietnamese Ambassador to the US Nguyen Quoc Dung reviewed key milestones in the bilateral relationship, underscoring the essential and sustained contribution by businesses from both countries, from the time before the normalisation of bilateral ties in 1995 until today, when the two sides are comprehensive stategic partners of each other.
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Illustrative image (Photo: VNA) 
