Viet Nam’s benchmark VN-Index closed above 1,000 points for the first time in a year as banks’ growth helped offset the increase of selling pressure.
The VN-Index on the Ho Chi Minh Stock Exchange was up 0.60 per cent to 1,005.97 points on Thursday, touching its highest score since November 19, 2019 when it was at 1,008.35 points.
The benchmark has totalled an eight-day rally of 5.80 per cent since November 17.
The market picked up in the afternoon trading session as capital flowed into bank stocks to boost the sector index up 1 per cent, according to vietstock.vn.
Vietinbank (CTG), Bank for Investment and Development of Viet Nam (BID), VPBank (VPB) and Sacombank (STB) lifted the industry.
CTG and BID jumped 3.2 per cent each, VPB rose 1.9 per cent and STB added 1 per cent.
Those bank stocks also helped push the large-cap tracker VN30-Index up 0.37 per cent to 964.16 points.
The VN30 futures due on December 17 gained 1.06 per cent to 970.20 points on Thursday, showing investors were quite optimistic about the market’s short-term outlook, according to Sai Gon-Ha Noi Securities Co (SHS).
In the blue-chip index VN30, 19 of the 30 largest stocks by market capitalisation and trading liquidity advanced while seven declined.
Aside banks, other well-performing large-caps included petrol firm Petrolimex (PLX), consumer company Masan (MSN), brewer Sabeco (SAB), and information-technology giant FPT Corp (FPT).
PLX rose 2.0 per cent. Petrol retail prices on Thursday were raised by VND576-650 per litre.
SAB and MSN added 1.7 per cent and 1.5 per cent, respectively, on expectations for good quarterly earnings reports.
On the negative side, Vinhomes (VHM), Vincom Retail (VRE), steel producer Hoa Phat (HPG) and sugar company Thanh Thanh Cong-Bien Hoa (SBT) were hit by profit taking pressure.
The four large-caps were the main factors that helped raise the market in the previous days.
VHM, VRE, HPG and SBT lost between 1.0 per cent and 3.0 per cent.
“Large-cap stocks may continue rising to lift the VN-Index further and test higher resistance levels,” MB Securities Co (MBS) said in its daily report.
“But the profit taking may mount as investors with short-term taste will look to realise their profits,” the company said.
On the Ha Noi Stock Exchange, the HNX-Index inched up 0.21 per cent to 148.40 points.
The northern market index gained 0.35 per cent on Wednesday.
More than 565.7 million shares were traded on the two exchanges, worth VND11.6 trillion (US$500 million). — VNS
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