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Roundup: Vietnam index extends its uptrend

Xinhua, March 18, 2016 Adjust font size:

The Vietnam Stock Index or VN-Index, a capitalization-weighted index of all the companies listed on the Ho Chi Minh City Stock Exchange, extended its uptrend this week, mainly thanks to investors' confidence and higher oil prices.

Investor confidence improved after the U.S. central bank on March 16 decided to keep interest rates stable, said local stock experts.

In addition, energy stocks extended rallies on recent gains in global crude prices, remaining the important factor in lifting markets, according to analysts from Bao Viet Securities Corporation (BVSC).

Among energy stocks, PetroVietnam Gas Corporation (GAS), PetroVietnam Drilling and Well Service Corporation (PVD) and PetroVietnam Coating Corporation (PVB) were the best gainers.

Meanwhile, securities stocks helped boost the markets as their business benefited from recently improved market liquidity. Steel stock helped prop the markets up after a circular was issued early last week by Vietnam's Ministry of Industry and Trade to increase taxes on imported steel products.

Other stocks, like the banker Vietcombank (VCB), the insurer Bao Viet Holdings (BVH), sugar producer Thanh Thanh Cong Tay Ninh JSC (SBT), HCM City Infrastructure Investment JSC (CII), and food and beverage producer Masan Group (MSN) also made good gains.

The VN-Index closed at 575.82 points on Friday, down 1.35 points, or 0.23 percent, from the previous trading day's close. From the previous week's closing session, the index lost 1.44 points, or 0.25 percent.

During the week, the index experienced three ups and two downs, posting the highest level of 579.26 points on Thursday, and the lowest level of 574.04 points on Tuesday. In comparison, it ranged between 571.71 points and 577.26 points in the previous week.

About 226.162 million shares worth 4.014 trillion Vietnamese dong (VND) (183.84 million U.S. dollars) changed hands on the Ho Chi Minh City Stock Exchange on Friday, an increase of 36.38 percent in volume and 50.53 percent in value as against Thursday.

The current trend of the market is still quite positive, and it will conquer the 580-point threshold in the next sessions, predicted Maybank Kim Eng Securities Company. Enditem