Vietnam stocks expected to correct this week

Investors monitor the market at the ACBS Securities office in Hanoi (Photo: VNA)   Hanoi (VNS/VNA) -Vietnam’s benchmark VNIndex has extended its growth for a fourth straightweek, though recent market trading conditions suggest the benchmark index couldstruggle with rising selling pressures this week.The benchmark VN Index onthe Ho Chi Minh Stock Exchange ended last week at 1,050.11 points, posting aweekly gain of 3.7 percent.The minor HNX Index onthe Hanoi Stock Exchange finished January 12 at 120.76 points and recorded aweekly growth of 1.5 percent.The benchmark index hasincreased by 6.7 percent since the beginning of the year, and 12.3 percentsince mid-September, while the northern market index has risen 3.3 percent and8.2 percent during the same period.An average of more than 405.6million shares, valued at 9.27 trillion VND  (412.2 million USD), were traded on the twolocal exchanges in each session last week.Also, market tradingliquidity reached a record high on Friday, in terms of trading value, as 11.9trillion VND worth of shares were traded on both local exchanges.The market growth wasalso supported by the net foreign investment, which reached 2.56 trillion VND onthe two markets.The market sentiment wasmainly dominated by investors’ expectations for businesses to deliver positiveearnings reports for their performances in the fourth quarter of 2017, as wellas the entire year.Such expectations boostedstocks in the financial-banking, energy, food and beverage, retail and propertydevelopment industries, as investors had priced in those companies until theyofficially released all earnings reports.Leading businesses inthose sectors saw share prices increase last week, including Vietcombank (VCB),property firm Vingroup (VIC),… [Read full story]

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