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Vietnam index surpasses 600-point threshold

Xinhua, May 6, 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, successfully conquered the 600-point threshold this week.

The index finished at 606.52 points in the last trading day of the week, successfully conquered the 600-point threshold after a long time in fluctuation.

Bank and textile sectors played a key role in driving the maket up after foreign investment continued to flow into the sectors, said local stock experts.

Among big gainers were banker Vietcombank (VCB), Eximbank (EIB), the Bank for Investment and Development of Vietnam (BID), Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG), and textile firms Thanh Cong Textile Garment Investment Trading JSC (TCM), Mirae Joint Stock Company (KMR), and Everpia JSC (EVE).

Additionally, others listed companies with good performances during the first quarter of this year and good business news also helped lift the index. Property developer Vingroup JSC (VIC), Hoang Quan Consutling-Trading-Service Real Estate Corp (HQC), Bình Minh Plastic JSC (BMP), Pha Lai Thermal Power JSC (PPC) were among best gainers.

The VN-Index closed at 606.52 points on Friday, up 5.01 points, or 0.83 percent, from the previous trading days close. From the previous weeks closing session, the index won 8.15 points, or 1.36 percent.

During the week, the index experienced three straight ups, posting the highest level of 606.52 points on Friday, and the lowest level of 599.07 points on Wednesday. In comparison, it ranged between 591.58 points and 598.48 points in the previous week. (transactions stopped on May 2 & 3 ahead of the countrys Reunification Day and the International Workers' Day holidays).

About 120.426 million shares worth 2.181 trillion Vietnamese dong (VND) (99.80 million U.S. dollars) changed hands on the Ho Chi Minh City Stock Exchange on Friday, a decrease of 11.94 percent in volume and 20.78 percent in value as against Thursday.

VN-Index successfully conquered the threshold of 600 points. However, investors' confidence is still quite weak. Therefore, in the next trading sessions, the market will likely continue to fluctuate around the threshold of 600 points, maybe in 605-610 points, said Vietnam Investment Securities Company. Endit