VN-Index jumps before holiday

The index started off in the red and gradually increased to close nearly 16 points higher after dipping by three points Thursday.

The increase went against concerns of analysts of brokerage SSI Securities Corporation who predicted that the recovery might be delayed by the four-day holiday starting Saturday when investors often sell in advance to reduce the risks of being affected by negative news when the market suspends operation. Vietnamese people will have four days off for the Reunification Day-Labor Day holiday (April 30 and May 1) as both fall on the weekend.

Trading on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, surged 41 percent to VND18.77 trillion ($817.42 million).

The VN30 basket, comprising the 30 largest capped stocks, saw 21 tickers in the green, led by ACB of Asia Commercial Bank with a 5.5 percent rise.

It was followed by TCB of the largest private lender Techcombank, up 4 percent, and BVH of insurance company Bao Viet Holdings, up 3.5 percent.

Other gainers included VRE of retail real estate arm Vincom Retail, up 3.5 percent, and MWG of electronics retail chain Mobile World, up 2.9 percent.

Seven blue chips fell, with SAB of brewer Sabeco droppping 1.8 percent, and CTG of state-owned lender VietinBank losing 1.6 percent.

Foreign investors were net buyers to the tune of VND89 billion, mainly buying NLG of real estate developer Nam Long Investment Corp and VCB of state-owned lender Vietcombank.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 1.56 percent, while the UPCoM-Index for the Unlisted Public Companies Market gained 1.58 percent.