Defensive stocks drive market up

November 07, 2018 | 15:42

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Vietnamese shares ended Wednesday morning on a positive note, driven up by defensive sectors such as banks, food and beverage firms and insurance companies.

Defensive stocks such as banks and food and beverage firms pushed the market up on Wednesday morning while investors were holding on to the US mid-term election.

Market sentiment hinged on the US mid-term election.

The benchmark VN Index on the Ho Chi Minh Stock Exchange gained 0.17 per cent to end at 923.62 points.

The southern market index lost 0.38 per cent on Tuesday.

The HNX Index on the Ha Noi Stock Exchange edged up 0.26 per cent to close at 104.83 points.

The northern market index fell 0.93 per cent the previous day.

More than 86 million shares were traded on the two local exchanges, worth VND1.67 trillion (US$74.5 million).

Banks, food and beverage firms and insurance companies were the market drivers on Wednesday morning, and are seen as defensive stocks amidst market volatility.

The three sector indices gained between 0.9 per cent and 1.6 per cent, data on vietstock.vn showed.

Large-cap stocks also performed well to support the market.

The blue chip VN30 Index was up 0.34 per cent to 902.66 points at the end of the morning session.

Of the 30 largest stocks by market capitalisation in the VN30 basket, nine advanced while 14 declined.

The afternoon trading session starts 1pm.

VNA

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