 VN Index set to reach 640 point benchmark
Vietnam News - 7/13/2015 9:53:09 AM
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The VN Index will approach the benchmark of 640 points this week as some companies will announce their business results for the second quarter, which are expected to be positive enough to improve market conditions and drive up the benchmark, according to Sacombank Securities JSC (SBS ).Bao Viet Securities Corporation (BVSC) recommends that investors should hold a stable amount of shares and avoid risky investments as the VN Index and HNX Index are showing uncertain progress.BVSC also recommends that investors should focus on small and medium shares on the market such as securities shares, real estate shares and export shares.The stock market struggled to improve, approaching a benchmark of 630 points by the end of last week.By the end of Friday, VN Index gained 1.76 per cent to close the week at 627.28 points while the HNX Index ended at 88.24 points, an increase of 0.62 per cent.Blue chips, bank shares, gas shares and securities shares registered strong fluctuations while insurance shares such as Bao Viet Holdings (BVH), BIDV Insurance Corporation (BIC) and Bao Minh Insurance Corporation (BMI) continued hitting their ceiling values to drive the market forward.Market liquidity last week improved with 1.2 billion shares traded on both bourses, worth VND19.75 trillion (US$914.5 million) in total, an increase of 31.2 per cent over the previous week.Foreign investors remained net buyers at the end of last week, totalling a net buy value of VND221.4 billion ($10.25 million) on both markets. Ma San Group (MSN) on the HCM Stock Exchange and Petroleum Technical Services Corporation (PVS) on the Ha Noi Stock Exchange received the highest foreign purchasing values, which were VNDD105.4 billion ($4.88 million) and VND42.8 billion ($1.98 million), respectively.The stock market extended its rally on the first two sessions of last week in which the Finance shares played a main role, including bank shares, securities shares and insurance shares, while some of the gas shares also improved, thus pushing the market up.However, high growth of the market along with increasing investment from both domestic and foreign investors encouraged shareholders to sell shares to pick up profit, which ended the market growth on Wednesday and Thursday.On these two days, blue chips, bank shares, gas shares and securities shares were the main stocks in which traders went for high sale value and dragged the market down. The rise of insurance shares was what kept the market from a further plunge.In addition, buying activity remained strong and positive, which helped stabilise the investors' confidence as well as limited the market fall.On Friday, both indices rose and approached the benchmark of 630 points, but blue chips and some leading stocks drove the market up. Most of the bank shares rose from their Thursday value as the State Bank of Viet Nam allowed them to set higher credit growth rates for this year.Military Bank (MBB), Vietinbank (CTG) and the Bank for Investment and Development of Vietnam (BIDV) were the ones that recorded highest growth in their value.
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