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1st Ld Writethru: Vietnam's capital Hanoi stock market rallies for 4th consecutive session

Xinhua, February 3, 2017 Adjust font size:

Vietnam's Hanoi stock market rallied for the fourth consecutive session on Friday as investors' confidence was boosted by fresh feelings after the week-long Lunar New Year holiday.

The HNX-Index, the benchmark of the Hanoi Stock Exchange, closed at 85.03 points on Friday, up 0.39 points or 0.47 percent against the previous trading session.

A total of over 28.589 million shares worth some 259.586 billion Vietnamese dong (some 11.64 million U.S. dollars) were traded at the Hanoi Stock Exchange on Friday, an increase of 71.53 percent in volume and 50.71 percent in value against the previous trading session.

Prices of 76 stocks went up; 103 stocks fell down, while 68 stocks remained unchanged.

Compared to last Wednesday's closure before the Lunar New Year holiday, the HNX-Index posted an increase of 0.57 points or 0.67 percent on Friday.

During two-session week, over 45.256 million shares worth over 431.833 billion Vietnamese dong (around 19.36 million U.S. dollars) were traded on the Hanoi bourse.

This week, the HNX-Index experienced an upward trend from 84.64 points on Thursday to 85.03 points on Friday.

In comparison, in the previous trading week, the benchmark ranged between 83.01 points and 84.46 points.

This week, foreign investors have become net-sellers in the Hanoi Stock Exchange for the first time after they were net-buyers in the previous five weeks. From Thursday to Friday, they bought some 1.404 million shares while selling 1.572 million shares.

In the previous week, the purchase volume of foreign investors was over 1.56 million shares in buying and some 970,000 shares in selling.

Compared to the final trading session of 2016, the HNX-Index climbed 4.91 points or 6.13 percent.

According to analysts, this week, investors held optimistic sentiment following positive earnings reports from listed companies. Maintaining the upward trend, the index has rallied over 2.4 percent after the last four sessions.

Large-cap shares made gains to support the market including those in banking of Asia Commercial Bank (ACB), Saigon-Hanoi Bank (SHB), securities of VNDirect Securities Corp (VND), as well as oil and gas of PetroVietnam Technical Services Corporation (PVS) and PetroVietnam Construction Corp (PVX) among others.

Insiders forecast that liquidity will continue to stay at low level in short-time to come. There is a possibility that HNX-Index will fluctuate in a narrow range before the upward trend becomes clearer.

Medium and long-term investors can make use of adjustments of the market in the coming sessions to continue buying more shares with positive business prospects in 2017, said insiders. Endit