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Large-cap stocks drive VN-Index up in early earnings season
VietnamPlus - 10/9/2019 1:07:02 PM
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 Vietnamese shares advanced on October 8 as attention shifted to companies with good earnings prospects amid a lack of supportive information.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 0.52 percent to close at 988.22 points.
The VN-Index lost 0.46 percent on October 7.
More than 178.3 million shares were traded on the southern bourse, worth 3.56 trillion VND (153 million USD).
Banks, securities firms, retail and technology companies were the main drivers of the stock market.
The four sector indices were up between 1 percent and 2 percent, data on showed.
All large-caps in the four sectors advanced, including Vietcombank (VCB), Bank for Investment and Development of Vietnam (BID), Techcombank (TCB), VPBank (VPB), SSI Securities (SSI), HCM City Securities (HCM), Viet Capital Securities (VCI), FPT Corp (FPT) and Mobile World Investment Corp (MWG).
These companies were the centre of attention on October 8 due to their third quarter earnings prospects, Thanh Cong Securities Co (TCSC) said in its daily report.
Some banks were also among the first to report their third quarter earnings.
Vietcombank reported earnings of 17.52 trillion VND in pre-tax profit over nine months, up 51 percent year-on-year.
Sacombank (STB) reported nearly 2.5 trillion VND worth of pre-tax profit in the same period, seeing growth in all of its key activities. TPBank (TPB) earlier announced its nine-month pre-tax profit had grown 50 percent to 2.4 trillion VND.
Other industries that also progressed included real estate, insurance and building materials.
Despite the focus on these sectors, investors remained cautious due to little supportive news that could boost the market’s overall sentiment, TCSC said.
Key factors include the US-China trade talks this week. Investors are eyeing the negotiations to see if the two largest economies in the world can come up with a deal to resolve trade tensions, which have dragged the global economy back in the past two years.
Caution would continue dragging on the VN-Index over the next few days, and the benchmark would continue to struggle in the current range, TCSC forecast.
On the negative side, agriculture, mining and energy, seafood processing, utilities and electricity fell, including PetroVietnam Gas (GAS), logistics firm Gemadept (GMD), brewer Sabeco (SAB) and dairy company Vinamilk (VNM).
On the Hanoi Stock Exchange, the HNX-Index was up 0.18 percent to end at 103.92 points.
The northern market index fell 1.36 percent on October 7.
Nearly 21.8 million shares were traded on the northern bourse, worth 341 billion VND./.
Read original article here
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