Friday , September 29 2023

VN-Index skyrockets to new height

Vietnam’s benchmark VN-Index surged 1.82 percent to 1,525.58 points, a new peak, as reports of a potential $15 billion stimulus package urges investors to buy.

The index steadily rose throughout the first trading session of 2022 and closed 27 points higher. This was its biggest gain in nearly four weeks.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, rose 9.6 percent to VND28.62 trillion ($1.26 billion), the highest in four sessions.

The VN30 basket, comprising the 30 largest capped stocks, saw 25 tickers in the green, led by POW of electricity producer Petrovietnam Power Corporation with a 6.9 percent rise to a two-week high.

KDH of real estate firm Khang Dien House rose 6.7 percent to a new peak.

VIC of biggest private conglomerate Vingroup gained 6.2 percent and reached the highest in over two weeks after falling for most of December.

GAS of state-owned Petrovietnam Gas rose 5.9 percent to the highest since Nov. 26.

Other gainers included TPB of private TPBank, up 4.1 percent, SAB of brewer Sabeco, up 4 percent, and VHM of real estate giant Vinhomes, up 3.8 percent.

Five blue chip stocks bucked the trend, with NVL of real estate developer Novaland Group falling 2.2 percent and VJC of budget airline Vietjet losing 2.8 percent.

Foreign investors were net buyers for the seventh session in a row to the tune of VND431 billion, with focus on VHM and VRE of retail real estate arm Vincom Retail.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 0.02 percent while the UPCoM-Index for the Unlisted Public Companies Market gained 0.92 percent.

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