VN Index rallies for third day

An investor tracks her portfolio on the computer screen. Large-cap firms remained the driver to push the benchmark VN Index up for a third day.-VNS Photo Doan Tung

The benchmark VN Index on HoSE was up 0.77 per cent to close Wednesday at 930.20 points. It has gained total 1.33 per cent since Monday.

The HNX Index on the Ha Noi Stock Exchange (HNX) rose 0.88 per cent to end at 104.10 points, ending a three-day decline of a 1.3 per cent total.

According to Bao Viet Securities Co (BVSC), the market benefited from “increasing momentum towards the last minutes” as investors tried to pick up stocks that had not made gains in the previous two rising sessions.

Shares of large-cap companies in the VN30 basket continued to benefit from such market demand and took turn to lift the market, BVSC said, adding that signalled further growth for the market in the next sessions.

On Wednesday, Vietcombank (HoSE: VCB) and brewer Sabeco (HoSE: SAB) were the large-cap stocks that boosted the market.

VCB and SAB jumped at least 3.2 per cent each to VND55,100 per share and VND250,000 per share, respectively. At Wednesday close, Vietcombank and Sabeco were the fourth and sixth largest companies by market capitalisation.

The two firms’ market values reached VND198.2 trillion (US$8.62 billion) and VND160.3 trillion, respectively, data on HoSE showed.

In the previous two trading days of the week, property developer Vingroup (HoSE: VIC), dairy producer Vinamilk (HoSE: VNM) and Coteccons Construction Corporation (HoSE: CTD) were among the large-cap firms that helped lift the market.

However, as market trading liquidity declined and the market breadth remained negative, BVSC believed the market “is experiencing a wide divergence among stock groups.”

Nearly 193.7 million shares were traded on the two local exchanges, worth VND3.94 trillion (US$175.3 million).

The trading figures were up 5.3 per cent in volume and down 3.8 per cent in value compared to Tuesday.

On the two markets, decliners slightly dominated with 217 stocks while 209 stocks advanced.

“The movement may still occur in the next sessions and trigger cautious sentiment among investors, thereby curbing trading volume to below the moderate level,” BVSC said in its daily report.

After beating the 930-point level, the benchmark VN Index is expected to test the 930-935 point range in the short term, BVSC forecast.