Monday , January 30 2023

VN-Index hits 4-week high


Vietnam’s benchmark VN-Index rose 1.43 percent to 1208.12 points Thursday, highest in four weeks, as global markets closed in the green after the U.S. Federal Reserve hiked rates.

The index closed 17 points higher after gaining nearly 6 points on Wednesday. This was its biggest gain in two weeks.

Trading on the Ho Chi Minh Stock Exchange (HoSE) surged by 53 percent to VND15.35 trillion ($656.97 million), highest in five weeks.

Shares were mostly higher in Asia on Thursday after the Federal Reserve ratcheted up its campaign against surging inflation by raising its key interest rate by 0.75 percent.

The VN-30 basket, comprising the 30 largest capped stocks, saw 26 tickers gain.

VRE of retail real estate arm Vincom Retail surged 6.8 percent to a three-week high.

STB of Ho Chi Minh City-based lender Sacombank rose 6.1 percent.

Other gainers included GVR of Vietnam Rubber Group, SSI of leading brokerage SSI Securities Corporation and POW of electricity producer Petrovietnam Power Corporation, up 3.4-3.7 percent.

BVH of insurance company Bao Viet Holdings, FPT of IT giant FPT Corporation, and MWG of electronics retail chain Mobile World, fell by 0.2-1 percent.

Foreign investors were net buyers for the seventh straight session to the tune of VND685.69 billion, mainly buying KDC of food producer KIDO Group and STB of Ho Chi Minh City-based lender Sacombank.

The HNX-Index at the Hanoi Stock Exchange, where mid and small caps list, was up 1.87 percent while the UPCoM-Index at the Unlisted Public Companies Market was up by 0.71 percent.

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