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Roundup: VN-Index on Vietnam's southern market continues on upward trend

Xinhua, January 9, 2015 Adjust font size:

VN-Index, the main index of Ho Chi Minh (HCM) City bourse in southern Vietnam, continued on its upward trend on the first trading week of 2015 thanks to gains of bank shares.

Bank shares continuously rose after the State Bank of Vietnam adjusted the interbank average exchange rate between Vietnamese dong (VND) and U.S. dollar (USD) up by 1 percent, from 21,246 VND per dollar to 21,458 VND per dollar, effective from Jan. 7, 2015.

Series of bank shares such as Vietinbank (CTG), Eximbank (EIB), Military Bank (MBB), Sacombank (STB) and the Bank for Investment Development of Vietnam (BIDV) have strongly increased.

According to Maybank Kim Eng Securities Company, bank shares play a key role in leading the market at this time. It also impacted positively to investors'optimistic psychology.

Meanwhile, major oil and gas stocks were offloaded heavily as global oil prices continued to plunge to a five and a half year low.

Large-cap stocks strongly increased and liquidity slightly improved, which also played a key role in lifting the index.

The VN-Index closed at 569.73 points on Friday, up 16.26 points, or 2.94 percent, from the previous trading day's close. From the last trading day's closing session of 2014 (Dec. 31), the index won 24.1 points, or 4.41 percent (transactions were closed for national holidays on Jan. 1st and 2nd).

During the week, the index experienced four ups and only one down, posting the highest level of 569.73 points on Friday, and the lowest level of 544.45 points on Monday. In comparison, it ranged between 532.68 points and 545.63 points the previous week.

About 107.474 million shares worth 1.874 trillion VND (87.33 million U.S. dollars) changed hands on the HCM City Stock Exchange (HoSE) on Friday, an increase of 38.02 percent in volume and 33.27 percent in value as against Thursday.

In 2014, from the first trading session on Jan. 2 when the VN- Index closed at 504.51 points to the last trading session on Dec. 31 when it closed at 545.63 points, the VN-Index won 41.12 points, or up 8.15 percent.

According to the Vietnam State Securities Commission, Vietnam' s securities market mobilized nearly 250 trillion VND (11.75 billion U.S. dollars) in 2014.

Opportunities for Vietnam's securities market to grow in 2015 are abundant since the macro economy showed positive recovery signals over last year, said Chairman of Vietnam State Securities Commission Vu Bang, adding that stock market management agencies will better implement the Law on Securities to further attract foreign investment and promote the market's growth this year. Endi