VN-Index on Vietnam's stock market hits 5-year high record

GMT 11:14 2014 Friday ,08 August

Arab Today, arab today VN-Index on Vietnam's stock market hits 5-year high record

VN-Index on Vietnam's stock
Ho Chi Minh City - XINHUA

 VN-Index, the main index of Ho Chi Minh (HCM) City bourse in southern Vietnam hit its five- year high record this week when reaching 607.73 points thanks to rallies made by blue chips.
Blue chips gains and liquidity have improved sharply and supported by stocks of insurance, real estate and gas sectors, which played a key role in lifting the VN-Index to surpass the 600- point level.
According to Vietstock, the market continued to prosper both in terms of volume as well as value, a positive sign to stabilize investor sentiment and a factor to help maintaining the rising trend in the coming sessions.
The VN-Index closed at 605.43 points on Friday, down 2.19 points, or 0.36 percent, from the previous trading day's close. From the previous week's close, the index won 11.53 points, or 1. 94 percent.
During the week, the index experienced three ups and two downs, posting the highest level and also the 5-year high record of 607. 73 points on Tuesday, and the lowest level of 599.04 points on Monday. In comparison, it ranged between 589.33 points and 596.07 points the previous week.
About 108.88 million shares worth 2.167 trillion VND (102.02 million U.S. dollars) changed hands on the HCM City Stock Exchange (HoSE) on Friday, an increase of 19.47 percent in volume and 48.59 percent in value as against Thursday.
Analysts from BIDV Securities warned that trading opportunities are still wide open to investors, but some negative signals may impact to the market, so investors should not be overly excited by the rally, instead prepare plans as the market may change quickly.
According to Vietcombank Securities, Vietnam's stock market will consolidate in a gradual uptrend during the rest of the year, fueled by expectations over stable macroeconomic recovery.
The country's gross domestic product (GDP) had been growing since last year's third quarter, and it is expected to reach between 5.7 and 5.8 percent by the end of this year.
The benchmark indices on both the national stock exchanges soared by more than 15 percent in the first seven months of this year, after posting growths of 22 percent on the southern bourse and 13 percent on the northern bourse in 2013.
Vietnam's stock market remained an appealing investment channel for investors in comparison to others such as gold, deposits, foreign currencies or the property market, said Vietcombank Securities.

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