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Brokerage stocks push VN-Index up

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Vietnamese shares rose slightly on Tuesday after falling during the morning session, due to investors’ profit-taking attempts that hit large-cap stocks in the brokerage, real estate and construction sectors.

An investor follows stock movements at Hà Nội-based Bảo Việt Securities Company on Lê Thái Tổ Street. — VNA/VNS Photo Trần Việt

 

The benchmark VN-Index inched up 0.07 per cent to 1,110.56 points on Tuesday. It had edged down 0.69 per cent to close at 1,109.80 points on Monday.

On the Hà Nội Stock Exchange, the HNX-Index edged up 0.01 per cent to close at 127.36 points. The northern market index gained 0.42 per cent to end at 127.35 points on Monday.

An average of more than 413.1 million shares worth VNĐ10.7 trillion (US$469.3 million) were traded on the two bourses.

The market trading condition was quite balanced, with 240 gaining stocks against 248 declining ones and 244 stocks closing unchanged.

The brokerage, real estate and construction sectors posted strong growth as the industries indexes inched up 0.87 and 0.51 per cent, respectively, vietstock.vn reported.

Many blue-chips of the securities brokerage sector advanced, of which HCM City Securities Corporation (HCM) and VNDirect Securities Corporation (VND) gained 3.36 per cent and 6.38 per cent, respectively. Notably, Viet Dragon Securities Corporation (VDS) rose by the daily maximum rate of 7 per cent set by the HCM Stock Exchange.

Other gainers, called ‘emerging’ players, included Viet Capital Securities J(VCI), up 1.58 per cent, Sài Gòn-Hà Nội Securities (SHS), up 0.84 per cent, MB Securities (MBS), up 1.25 per cent.

The real estate industry was led by Đất Xanh Real Estate Service & Construction Corporation (DXG), Development Investment Construction JSC (DIG), Sài Gòn Thương Tín Real Estate JSC (SCR), VRC Real Estate and Investment JSC (VRC) and Quốc Cường Gia Lai Joint Stock Company (QCG), rallied by at least 6.7 per cent each.

According to Viet Dragon Securities Co, it is almost earnings season and there might be both rumours and official announcements on FY2017 business results.

During this period in previous years, the market normally came into an accumulation phase with low liquidity. But this year had been very different up until now, it said in a daily report.

"The average trading value per session in the first month of this year nearly doubled from January 2017. As the market is very “wild” at this moment, earnings results could be valuable instruments for investors to decide if this is buy or sell time,” the report said.

 

Source: VNS

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