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Banking & Finance

VN-Index moves toward 640 points

Released at: 10:47, 15/07/2015

VN-Index moves toward 640 points

Index heads towards benchmark on the back of strong performance by blue chips.

by Minh Tien

The VN-Index is fast approaching the 640 point benchmark after adding another 5 points, or 0.73 per cent, on the morning of July 15 to close the session at 638.69 points.

Profit-taking did not negatively impact the market, with purchasing remaining strong among both domestic and foreign investors.

Both market volume and liquidity increased 10 per cent over the previous day, totaling more than 155 million shares worth VND2.86 trillion ($131.2 million).

Foreign investors were net purchasers, of VND69.2 billion ($3.2 million) worth of shares on the Ho Chi Minh Stock Exchange (HoSE).

“If foreign investors keep buying in while the domestic sector maintains its current demand, we believe the growth momentum will continue,” analysts at KIS Vietnam Securities wrote. They added, however, that many large-cap stocks surged into over-purchased territory and were exposed to risks of correction.

Blue chips were again the driving force in the market, as shown in the high growth of 0.92 per cent in the VN30, which tracks the Top 30 shares by market value and liquidity, compared with a 0.73 per cent rise of the VN-Index.

Insurers continued their impressive performance, with Bao Viet Holdings (BVH), BIDV Insurance (BIC), and Bao Minh Insurance (BMI) being traded at or around the ceiling price.

Meanwhile, bank stocks slowed down. Only Eximbank (EIB), BIDV (BID) and Sacombank (STB) sustained growth of 2 to 4 per cent each. Military Bank (MBB) and Vietcombank (VCB) closed flat while Vietinbank (CTG) tumbled.

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