Sunday , August 14 2022

VN-Index inches up as Asian markets in green


Vietnam’s benchmark VN-Index rose 0.14 percent Thursday to 1,461.34 points as most Asian markets rally on U.S. Federal Reserve confidence and expectation of more support for China’s economy.

The index stayed in the green throughout the day and closed 2.01 points higher, after gaining 13 points in the last two sessions.

Chinese and other Asian markets also rose Thursday on progress in peace talks between Russia and Ukraine, Beijing’s assurance of more stimulus to support the economy, and the fact that the U.S. Federal Reserves hiked its interest rate by quarter percentage point.

Hong Kong’s Hang Seng Index jumped more than 5 percent, while Japan’s Nikkei 225 vaulted 3.5 percent to its two-week peak.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, rallied 14 percent to VND21.36 trillion ($934 billion).

The VN30 basket, comprising the 30 largest capped stocks, saw 13 tickers in the green, led by BID of state-owned lender BIDV with 4.6 percent gain.

The ticker is now at its near three-week high.

CTG of state-owned VietinBank rose 2.2 percent, and KDH of housing developer Khang Dien Group gained 1.6 percent.

Other gainers included VRE of Vingroup’s retail property arm Vincom Retail, up 1.6 percent, and HDB of HDBank, up 1.3 percent.

Thirteen blue chip tickers fell, with GAS of Petrovietnam Gas dropping 2.9 percent to its three-month low.

MSN of conglomerate Masan Group lost 1.8 percent, and VJC of budget airline Vietjet closed 1.4 percent lower.

Foreign investors were net buyers for the first time in nine sessions to the tune of VND134.57 billion, with focus on CTG and DPM of Petrovietnam Fertilizer & Chemical Corporation.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, dropped 0.02 percent while the UPCoM-Index for the Unlisted Public Companies Market lost 0.09 percent.

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