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Vietnam’s benchmark VN-Index extended its rally on November 29 for the eighth consecutive session as investor confidence was lifted by expectations of the Government selling its stakes in listed companies.
Investors at Saigon Securities Inc in Hanoi
The VN-Index on the HCM Stock Exchange rose 1.16 percent to close at 952.14 points. It has gained total 6.9 percent in the last eight consecutive sessions.
Gainers outnumbered losing stocks by 149 to 124, while 54 other stocks ended flat. More than 229.8 million shares were traded on the southern bourse, worth 5.53 trillion VND (246 million USD).
Trading liquidity declined by 36 percent in volume and 37.4 percent in value compared to November 28’s figures.
Two-thirds of the 30 largest stocks by market capitalisation in the VN30 Index advanced, lifting the large-cap index by 1.16 percent to hit 946.55 points.
The southern market on the day recorded big increases of listed companies in which investors expect the Government will soon offload its ownership. Those companies included Binh Minh Plastic JSC (BMP) and brewers Sabeco (SAB) and Habeco (BHN).
At Sabeco’s roadshow the same day, the Ministry of Industry and Trade announced it would auction 343.7 million shares in the company, equal to 53.59 percent of the brewer’s capital, at the initial price of 320,000 VND per share.
Sabeco shares were boosted 5.9 percent following the announcement, hitting 339,000 VND per share at the end of the session.
shares surged 7 per cent, reaching its daily increase limit while BMP jumped 4 percent.
Other large-cap stocks also performed well, such as insurance-finance group Bao Viet Holdings (BVH), Thanh Cong Tay Ninh Sugar JSC (SBT), Sacombank (STB), Vietinbank (CTG) and MBBank (MBB).
According to Bao Viet Securities (BVSC) analysts, the VN Index is expected to extend growth further to approach the range of 975-980 points following November 29’s strong showing.
The benchmark index is forecast to rise and touch the 955-point level in the short-term, according to BVSC, however, analysts warned investors should be cautious as the market was mainly driven by large-cap stocks, signaling unsustainable development at the moment.
On the Hanoi Stock Exchange, the HNX Index rose 2.20 percent to end at 113.95 points, recovering from the previous day’s decline of 0.47 percent.
More than 93 million shares were traded on the northern bourse, worth 1.37 trillion VND. – VNA
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