VN-Index ends losing streak

The index started off in the green and dipped slightly in the afternoon before climbing up and closed nine points higher, after losing 107 points in the last six sessions.

In the last two weeks VN-Index has dropped in seven out of nine sessions, dipping below 1,400 points for the first time since August last year.

Trading on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, dropped 41 percent to VND21.37 trillion ($930.36 million).

The VN30 basket, comprising the 30 largest capped stocks, saw 22 tickers in the green, led by GAS of state-owned Petrovietnam Gas with a 7 percent surge.

Analysts of leading brokerage SSI Securities Corporation said Tuesday that the ticker could increase by 17.6 percent, with one of the contributing factors is the company’s plan to import its first liquefied natural gas batch in November this year.

VCB of state-owned lender Vietcombank rose 4.8 percent, followed by three banks, STB of Ho Chi Minh City-based lender Sacombank, VPB of private lender VPBank and ACB of Asia Commercial Bank.

Real estate stocks also rose, with PDR of Phat Dat Real Estate Development rising 2.4 percent and KDH of real estate firm Khang Dien House rising 2.1 percent.

Five blue chips fell, with BVH of insurance company Bao Viet Holdings losing 5.3 percent and PNJ of Phu Nhuan Jewelry falling 3.4 percent.

Foreign investors were net buyers for the sixth straight session to the tune of VND922 billion, mainly buying MSN of conglomerate Masan Group and DXG of real estate developer Dat Xanh Group.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, lost 2.04 percent while the UPCoM-Index for the Unlisted Public Companies Market fell 0.71 percent.