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Roundup: VN-Index on Vietnam's southern market climbs on bank shares gains

Xinhua, February 27, 2015 Adjust font size:

VN-Index, the main index of Ho Chi Minh (HCM) City bourse in southern Vietnam, climbed on bank shares gains, reaching above 595-point level this week after a nine-day stop of trading for lunar New Year 2015 holidays.

The market reopened trading with positive signs when the index increased nearly 10 points in the first trading day on Tuesday, thanks to gains of bank stocks and large-cap stocks. They played a key role in attracting the cash flows, as well as creating a breakthrough for the market throughout the week.

In addition, securities, real estate, gas and oil, construction and production sectors were also traded positively, helping to lift the index.

However, liquidity remained low, and money flowing into the market was limited.

The VN-Index closed at 592.57 points on Friday, down 4.15 points, or 0.7 percent, from the previous trading day's close. However, from the previous week's close on Feb. 13 ahead of the Lunar New Year holidays, the index won 5.33 points, or 0.9 percent.

During the week, the index experienced two ups and two downs, posting the highest level of 596.95 points on Tuesday, and the lowest level of 592.57 points on Friday. In comparison, it ranged between 573.55 points and 587.24 points the previous week (from Feb. 9 to 13).

About 78.310 million shares worth 1.366 trillion VND (63.70 million U.S. dollars) changed hands on the HCM City Stock Exchange (HoSE) on Friday, a decrease of 14.84 percent in volume and 6.06 percent in value as against Thursday.

Upward trend may still be available when the market receives positive information about the country's economic and business results listed by stock companies in the coming time, according to the Vietnam Investment Securities Company.

In addition, stock experts from the Saigon Securities Company predicted that in 2015, the stock market will be more transparent, and the index is expected to reach 700-point level.

However, for short term investment, investors should hold shares, especially those in real estate, securities and consumer goods, and other low-priced stocks because they will be places for cash flow pouring in, stock experts advised. Endi