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VN-Index hits new 10-year peak to highest level since 2008

Bank stocks cooled down on Wednesday but the benchmark VN-Index still hit a new 10-year peak at 802.78 points, equivalent to an increase of 0.36 percent over the previous session.

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Bank stocks cooled down on Wednesday but the benchmark VN-Index still hit a new 10-year peak at 802.78 points, equivalent to an increase of 0.36 percent over the previous session.

This was also the highest level since February 15, 2008.

The market breadth was positive on the HCM Stock Exchange with 175 stocks rising, 99 falling and 69 closing unchanged.

Large-cap stocks were the main support with 18 of the top 30 largest shares by market value and liquidity on the exchange gaining value while nine slumped.

Gainers on September 13 expanded to a wide range of sectors, from steel industry, retail, food-beverage and energy.

Hoa Phat Group (HPG), the biggest listed steelmaker, topped advancers, up 4.1 percent at 36,900 VND (1.63 USD) a share. With nearly six million shares changing hands, the shares were among the top 5 most active stocks by market volume.

Another steel company Hoa Sen Group (HSG) also increased 1.3 percent. Big energy firms such as PV Gas (GAS), PetroVietnam Drilling and Wells Service (PVD) and Petrolimex (PLX) were up 0.9 percent, 2.3 percent and 1.8 percent, respectively.

Realty stocks saw divergence. Big companies such as VinGroup (VIC), Novaland Investment Group (NVL) and Kinh Bac City Development (KBC) dropped between 1-2.4 percent, smaller firms including Sacomreal (SCR), Khang Dien Investment & Trading House (KDH), Phat Dat Real Estate Development (PDR) and Dat Xanh Real Estate Service & Construction (DXG) climbed 1-4 percent.

Banks cooled down when three of seven listed lenders advanced, three ended flat and one declined. Three banks maintaining growth yesterday included Vietnam Prosperity Bank (VPB), Sacombank (STB) and Eximbank (EIB).

On the Hanoi Stock Exchange, the HNX-Index was up 0.68 percent at 104.43 points.

Despite September 13’s rally, many analysts have warned that liquidity barely improved so the market needs more signals to confirm a steady uptrend.

A total of 189.5 million shares worth nearly 4.5 trillion VND (198.2 million USD) were traded in the two markets on September 13, down 3 percent in volume and almost unchanged in value compared to  September 12’s figures.

These levels were also lower than the daily trading volume of 250-300 million shares and value of 5-6…

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