The benchmark VN Index of the Hochiminh Stock Exchange, Vietnam’s main bourse, on Friday ended up 0.19% at 1,050.11, marking a new record over the past ten years, as foreign institutional investors picked up large-cap stocks despite profit-taking pressure from domestic players.
This is the fifth higher settlement of the index, which has risen 3.7% over the past five days, exchange data showed.
Trading was choppy after the index hit an intraday of 1,057.8, from which a large number of investors started to sell to safeguard gains.
Volume was heavy with nearly 352 million shares worth 9.58 trillion dong ($422 million) changed hands, compared to 341.65 million shares, valued at 7.94 trillion dong on Thursday.
Selling pressure amounted at banking stocks such as Sacombank (STB), VPBank (VPB), Military Bank (MBB) and Vietcombank (VCB), and mid-cap stocks. Losers (165) outnumbered gainers (128).
However, several large-cap stocks including Vincom Retail (VRE), Vingroup (VIC), Masan Group (MSN), Saigon Securities (SSI) and HDBank (HDB) bucked the trend and saw strong inflows, providing support to the main index.
HDBank reported a pre-tax profit of 2.42 trillion dong in 2017, 2.1-fold that in 2016.
Foreign investors today were net buyers of 1.05 trillion dong on the HOSE, with a focus on HDB (327.9 billion dong), VRE (77.4 billion dong) and VIC (69.2 billion dong). This was the 13th day of foreign net buying.
In the last trading session of the week, the indexes had some fluctuation due to the effect of profit taking. However, the demand from investors was still very strong, together with abundant cash flow from foreign investors helped the index from correction, BIDV Securities (BSC) said in a note.
“The strong net foreign buying will also be a psychological support for investors when the market is quite “hot” at the moment,” BSC analysts said, predicting technical corrections in the coming week.
Downside risk is becoming clearer after recent gains, Bao Viet Securities said. “Despite corrections, differentiation will be sharp among sectors, on dependence of business results to be announced for 2017,” the brokerage house added.
Tin liên quan
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- Foreign Players Gobble Vietnamese Shares as Gov’t Touts Economic Records
Cùng dòng sự kiện
Từ khóa: VN Index, Sacombank, STB, VPBank, VPB, MBB, Vietcombank, VCB, Vincom Retail, VRE, Vingroup, VIC, Masan Group, MSN, SSI, HDBank