Vietnam’s major stock market in Ho Chi Minh City continued to head north on Monday, with the VN-Index rising for the eight straight session.
The index, the benchmark measure of the Ho Chi Minh Stock Exchange, increased 6.96 points, 1.22 percent, to close at 577.97. Trading volume remained very high, with more than 69 million shares worth VND3.3 trillion being traded. Of the index’s 174 members, 86 stocks advanced, 64 fell and 19 were unchanged.
VN-Index will likely correct a little when reaching 575 points, before reaching the 590 mark at the end of this week, Au Viet Securities Co. forecast in a report.
The HCMC-based brokerage also expects property, construction materials and resource stocks to be top picks, while financial and fuel shares will barely advance.
The Vietnam International Securities Co. also predicts in a report that the market will remain in an upward momentum this week, as recent positive performance on Wall Street built up Vietnamese sentiment.
Standard & Poor’s 500 Index has staged a six-month climb from a 12-year closing low, rising 58 percent, according to Reuters. The rally has fed on expectations of a rebound from recession coupled with cheap money that has flooded roughly every market.
For the week starting on September 14, the Dow rose 2.24 percent, capping its best week in two months. Standard & Poor’s 500 index gained 2.45 percent and the Nasdaq added 2.5 percent.
Southern Rubber Industry Joint-Stock Co. (CSM), Vietnam’s third-biggest listed rubber company, rose 4.52 percent to VND104,000.
Pretax profits in the first nine months may reach VND241 billion (US$13.5 million), the company known as Casumina said in a statement on the stock exchange’s website. The HCMC-based producer of rubber products had forecast a full-year profit of VND41 billion.
Refrigeration Electrical Engineering Corp. (REE), a maker of air conditioners and electrical appliances, was unchanged at VND50,500. Pretax profits reached VND349 billion in January-August period, exceeding its full-year target of VND250 billion, it said in a statement posted on the exchange’s website.
Vietnam Italy Steel Joint-Stock Co. (VIS), which manufactures and supplies construction steels, fell 4.49 percent to VND93,000. Songda Urban & Industrial Zone Investment & Development Co. plans to sell all of its shares in the company between September 16 and December 11, according to a statement posted on the exchange’s website.
In Hanoi, the HNX-Index moved up for two days in a row, gaining 1.36 points, 0.77 percent, to close at 177.82.
The UPCoM-Index of unlisted stocks crept down 0.77 points, 1.19 percent, to close at 63.8 as of 11pm.