Investors at Saigon Securities Inc in Hanoi (Photo VNA)Hanoi (VNA) - Vietnam’sbenchmark VN-Index extended its rally on November 29 for the eighth consecutivesession as investor confidence was lifted by expectations of the Governmentselling its stakes in listed companies.
The VN-Index on the HCM StockExchange rose 1.16 percent to close at 952.14 points. It has gained total 6.9percent in the last eight consecutive sessions.
Gainers outnumbered losing stocks by149 to 124, while 54 other stocks ended flat. More than 229.8 million shareswere traded on the southern bourse, worth 5.53 trillion VND (246 million USD).
Trading liquidity declined by 36 percentin volume and 37.4 percent in value compared to November 28’s figures.
Two-thirds of the 30 largest stocksby market capitalisation in the VN30 Index advanced, lifting the large-capindex by 1.16 percent to hit 946.55 points.
The southern market on the dayrecorded big increases of listed companies in which investors expect theGovernment will soon offload its ownership. Those companies included Binh MinhPlastic JSC (BMP) and brewers Sabeco (SAB) and Habeco (BHN).
At Sabeco’s roadshow the same day,the Ministry of Industry and Trade announced it would auction 343.7 millionshares in the company, equal to 53.59 percent of the brewer’s capital, at theinitial price of 320,000 VND per share.
Sabeco shares were boosted 5.9 percentfollowing the announcement, hitting 339,000 VND per share at the end of thesession.
shares surged 7 per cent, reachingits daily increase limit while BMP jumped 4 percent.
Other large-cap stocks alsoperformed well, such as insurance-finance group Bao Viet Holdings (BVH), ThanhCong Tay Ninh Sugar JSC (SBT), Sacombank (STB), Vietinbank (CTG) and MBBank(MBB).
According to Bao Viet Securities(BVSC) analysts, the VN Index is expected to extend growth further to approachthe range of 975-980 points following November 29’s strong showing.
The benchmark index is forecast torise and touch the 955-point level in the short-term, according to BVSC,however, analysts warned investors should be cautious as the market was mainlydriven by large-cap stocks, signaling unsustainable development at the moment.
On the Hanoi Stock Exchange, the HNXIndex rose 2.20 percent to end at 113.95 points, recovering from the previousday’s decline of 0.47 percent.
More than 93 million shares weretraded on the northern bourse, worth 1.37 trillion VND. – VNA
