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Vietnam's stock index marks nine-year high

Xinhua, September 30, 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, marked nine-year high this week after successfully conquering the 680-point threshold, closing at 688.55 points on Thursday.

The market continued to extend gains from the previous week, driven by the rally of large-cap stocks, including bank, oil and gas, insurance among others.

According to local stock experts, banking sector had excellent performance on expectations that lower short-term deposit rates would boost lending for the economy and local businesses.

The three largest listed banks Vietcombank (VCB), Vietinbank (CTG) and Bank for Investment and Development of Vietnam (BID) were the biggest gainers.

Meanwhile, oil and gas got strong gains after oil prices rebounded strongly on the Organization of Petroleum Exporting Countries (OPEC)'s first eight-year output reduction.

Energy stocks benefiting from this trend were largest listed energy firms, including PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Services Corp (PVD), and PetroVietnam Technical Services Corp (PVS).

Other large-cap stocks, including insurer Bao Viet Holdings (BVH), real estate firm Vingroup JSC (VIC), construction material producers Binh Duong Mineral and Construction JSC (KSB), and steel producers Hoa Phat Group (HPG) and Hoa Sen Group (HSG) also contributed to the uptrend of the index.

The VN-Index closed at closed at 685.73 points on Friday, down 2.82 points, or 0.41 percent, from the previous trading day's close. From the previous week's closing session, the index won 11.64 points, or 1.72 percent.

During the week, the index experienced four ups and one down, posting the highest level of 688.55 points on Thursday, and the lowest level of 677.04 points on Monday. In comparison, it ranged between 657.89 points and 674.09 points in the previous week.

About 115.737 million shares worth 2.629 trillion Vietnamese dong (VND) (119.8 million U.S. dollars) changed hands on the Ho Chi Minh City Stock Exchange on Friday, a decrease of 0.15 percent in volume and of 8.45 percent in value against Thursday.

In the context of positive market momentum, the index is expected to reach 700 points in the next trading period, said Bao Viet Securities Company. Endit