VN-Index gains for fourth consecutive week

By Kha Moc, Minh Hue
Sun, March 3, 2024 | 2:47 pm GMT+7

Vietnam's benchmark VN-Index increased 46.28 points to 1,258.28 from February 26 to March 1, marking its fourth consecutive week of gaining.

In the first three sessions of the week, large-cap stocks such as VCB of Vietcombank, TCB of Techcombank, VHM of real estate developer Vinhomes, VRE of Vincom Retail, HPG of steel maker Hoa Phat, and FPT of tech giant FPT gained well, helping the VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), surpass its old peak of 1,250.

The VN-Index closed at 1,258.28 points on March 1, 2024, up 5.55 points from the previous session and 46 points week-on-week. Photo by The Investor/Trong Hieu.

The VN-Index closed at 1,258.28 points on March 1, 2024, up 5.55 points from the previous session and 46 points week-on-week. Photo by The Investor/Trong Hieu.

After the gaining sessions, the VN-Index on Thursday fluctuated in a wide range, but positive cash flow pulled it near the reference level at the end of the session.

In the week-ending session last Friday, the market opened in the red with a slight decrease. However, thanks to increased demand, the index gradually narrowed the decline, closing at 1,258.28, up 5.55 points from the previous session and 46 points week-on-week.

Foreign investors on Friday increased their net buying to the tune of more than VND199.8 billion ($8.1 million), focusing on VIX of VIX Securities, GEX of Gelex Group, and SSI of Saigon Securities. Their total net buying value for the whole week reached VND116 billion ($4.7 million), including VND56 billion through order matching and VND172 billion via throughput.

The securities group was the best performer as many codes increased sharply such as FTS of FPT Securities (+18.13%), VDS of Viet Dragon Securities (+13.97%), BSI of BIDV Securities (+12.14%), and CTS of VietinBank Securities (+11.2%).

Real estate stocks also saw very positive developments with IJC of Becamex IJC expanding 16.03%, PXL of Long Son Petroleum Industrial Zone Investment JSC 12.9%, KDH of Khang Dien House 10.08%, and HDG of Ha Do Group 9.65%.

The oil and gas group had many strong gainers like PVD of PV Drilling (+12.17%), PVO of PV Oil LUBE (+7.59%), PSH of Nam Song Hau Trading Investing Petroleum JSC (+6.58%), and PVC of PetrovietNam Chemical And Services JSC (+5.59%).

Broker Saigon-Hanoi Securities (SHS) said that after increasing for four consecutive weeks, the index may return to corrections, dropping to the territory of 1,150-1,250 points which means medium-term risks are increasing. "Therefore, short-term investors should be cautious and limit transactions".

Another broker Vietcombank Securities (VCBS) commented that the VN-Index still maintains the upward trend and will soon move up to the 1,300-point area. It recommends that investors take advantage of corrections in the coming week to buy stocks that show signs of attracting cash flows in the fields of securities, real estate and chemicals.

Comments (0)
  • Read More
Vietnam shares sink on extended foreign selloffs

Vietnam shares sink on extended foreign selloffs

Vietnamese equities fell for a fourth consecutive day on Tuesday as foreign traders extended their selling spree.

Finance - Tue, November 19, 2024 | 5:10 pm GMT+7

Germany’s household product firm QuickPack to invest $32 mln in Vietnam

Germany’s household product firm QuickPack to invest $32 mln in Vietnam

Germany’s QuickPack, a specialist for household goods and hygiene products, will invest €30 million ($31.8 million) in Vietnam’s Mekong Delta province of Long An.

Industries - Tue, November 19, 2024 | 4:24 pm GMT+7

Malaysian millionaire willing to invest in convicted Vietnamese tycoon’s property project: lawyers

Malaysian millionaire willing to invest in convicted Vietnamese tycoon’s property project: lawyers

Malaysian millionaire Vincent Tan has evinced investment interest in a residential project owned by convicted tycoon Truong My Lan, chairwoman of Van Thinh Phat Group, lawyers for the latter have disclosed.

Real Estate - Tue, November 19, 2024 | 4:17 pm GMT+7

‘Bottleneck of bottlenecks’ continues to dog Vietnam's property, infrastructure projects

‘Bottleneck of bottlenecks’ continues to dog Vietnam's property, infrastructure projects

Limited consultations between state agencies and the parliament’s primary focus on wording are issues with Vietnam’s legal framework adversely affecting property and infrastructure projects, say experts and corporate leaders.

Economy - Tue, November 19, 2024 | 3:40 pm GMT+7

President Xi Jinping hastens construction of 3 Vietnam-China rail routes

President Xi Jinping hastens construction of 3 Vietnam-China rail routes

Chinese President Xi Jinping has called for more substantial cooperation between China and Vietnam, including the pacier implementation of three railway routes linking the two nations.

Infrastructure - Tue, November 19, 2024 | 3:08 pm GMT+7

Vietnam developers offer deferred principal payments, interest support to boost year-end sales

Vietnam developers offer deferred principal payments, interest support to boost year-end sales

Vietnamese housing developers are offering several incentives including deferred principal payments and interest support to stimulate demand and boost liquidity as the year nears its end.

Real Estate - Tue, November 19, 2024 | 2:29 pm GMT+7

Australia's EQ Resources acquires TMG Group with Vietnam-based ferrotungsten factory

Australia's EQ Resources acquires TMG Group with Vietnam-based ferrotungsten factory

Australia-based EQ Resources Limited has acquired its fellow firm Tungsten Metals Group (TMG), which owns and operates the largest ferrotungsten (FeW) factory outside China.

Companies - Tue, November 19, 2024 | 11:00 am GMT+7

Techcom Securities becomes largest broker in Vietnam by capital base

Techcom Securities becomes largest broker in Vietnam by capital base

Techcom Securities JSC (TCBS) has become the largest securities company in Vietnam by charter capital after finishing a rights offering last week.

Finance - Tue, November 19, 2024 | 9:11 am GMT+7

Vietnam airport operator ACV looks to better exploit non-aviation service potential: exec

Vietnam airport operator ACV looks to better exploit non-aviation service potential: exec

Vietnam's airports operator ACV expects to earn $145 million from non-aviation services this year, accounting for around 18.83% of its total revenue, which is modest compared to other countries, said deputy general director Nguyen Duc Hung.

Companies - Tue, November 19, 2024 | 7:45 am GMT+7

The Investor to host seminar on removing legal bottlenecks for infrastructure, property investment

The Investor to host seminar on removing legal bottlenecks for infrastructure, property investment

A seminar themed “Removing legal bottlenecks for infrastructure and property investment” will be organized by The Investor in Hanoi on Tuesday.

Companies - Tue, November 19, 2024 | 7:00 am GMT+7

Indonesia promises Asia-Pacific investors more incentives

Indonesia promises Asia-Pacific investors more incentives

Indonesian President Prabowo Subianto recently told the press that he will create more incentives and expand special economic zones (SEZs) so as to lure investors from Asia-Pacific.

Southeast Asia - Mon, November 18, 2024 | 11:01 pm GMT+7

Indonesia, Brazil enhance aviation cooperation

Indonesia, Brazil enhance aviation cooperation

Indonesia's state-owned aircraft manufacturer, Dirgantara Indonesia (DI), and Brazilian aerospace company Embraer have signed a memorandum of understanding (MoU) to expand collaboration in the commercial aviation sector.

Southeast Asia - Mon, November 18, 2024 | 11:00 pm GMT+7

Indonesia eyes to become member of BRICS

Indonesia eyes to become member of BRICS

Indonesian President Prabowo Subianto has shown his country’s desire to become a member of the BRICS - the alliance of major emerging economies initiated by Brazil, Russia, India, China, and South Africa.

Southeast Asia - Mon, November 18, 2024 | 10:57 pm GMT+7

Former Party chief, chairman of Vinh Phuc province face disciplinary action

Former Party chief, chairman of Vinh Phuc province face disciplinary action

Vietnam’s Central Inspection Committee has proposed disciplining Pham Van Vong, former Party chief of Vinh Phuc, and Phung Quang Hung, former chairman of the northern province, for violations related to Phuc Son Group.

Politics - Mon, November 18, 2024 | 9:17 pm GMT+7

Shaping a waterway into a key shipping channel: Viconship gets dredging nod

Shaping a waterway into a key shipping channel: Viconship gets dredging nod

A major dredging project will allow safer ship navigation and increased cargo transportation capacity on the Hai Phong shipping channel, thereby enhancing competitiveness of Vinconship’s port system, says the company.

Companies - Mon, November 18, 2024 | 7:08 pm GMT+7

Former assistant to State President appointed general director of state-owned financial firm HFIC

Former assistant to State President appointed general director of state-owned financial firm HFIC

Truong Tuan Anh, an official at the State President Office and former assistant to a state president, has been appointed general director of Ho Chi Minh City Finance and Investment Stated-owned Company (HFIC).

Companies - Mon, November 18, 2024 | 5:35 pm GMT+7