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Banking & Finance

July 9: VN-Index up in morning trade

Released at: 14:43, 09/07/2018

July 9: VN-Index up in morning trade

Source: TVSI

Index gains 1.27% as HNX-Index also rises and UPCoM-Index closes a touch down.

by Hai Van

The morning session on Vietnam’s stock market on July 9 was quite stable and the VN-Index maintained its upward momentum, rising 11.63 points (1.27 per cent) to 929.14 points. The HNX-Index also rose, by 1.53 points (1.52 per cent) to 102.23 points, while the UPCoM-Index lost 0.18 per cent to close at 49.56 points.

Liquidity remains an issue, with matching value at just VND1.5 trillion ($65.1 million) and foreigners remaining net sellers by nearly VND80 billion ($3.4 million).

Banking stocks such as BID, ACB, CTG, MBB, VCB and VPB along with bluechips PLX, GAS, FPT and BHN closed higher and gave the market a boost.

Securities, real estate, and construction stocks also performed well generally speaking but increases were minimal. HAG and HNG continued to gain momentum, with HNG rising to VND11,650 ($0.5).

The market opened the first day of week with increases all round, turning around the negative sentiment seen last Friday and helped by positive signs in other Asian markets.

At 9.55am the VN-Index had increased 10.03 points (1.09 per cent) to 927.54 points, the HNX-Index 1.7 points (1.69 per cent) to 102.39 points, and the UPCoM-Index 0.31 points (0.64 per cent) to 49.97 points.

In real estate and construction, DXG recovered well after steep losses last Friday, while others such as CEO, CTD, DIG and LDG also gained ground.

According to the Saigon Hanoi Securities Corporation (SHS), based on the figures for the VN-Index in the 2010-2017 period, it is quite rare for the index to fall for four consecutive weeks. Combined with some positive movements last Friday, they expect this week to be marked by recovery.

It forecasts that the VN-Index may increase slightly this week and that higher liquidity will also improve. Short-term investors continue to maintain their stock exposure at a safe level and observe market developments to make rational decisions. Medium and long-term investors continue to hold stocks that are well positioned and with positive growth prospects in the future.

Viet Dragon Securities (VDSC), meanwhile, said the uptrend was strong, with increasing liquidity last Friday showing a change in investor sentiment and a strong demand for bottom fishing. The index has reversed but one or two more sessions are needed to confirm it is a trend.

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