VN stocks rally on global developments
Wednesday, August 22,2018AsemconnectVietnam - Vietnamese shares extended their rallies on Tuesday on improved investor confidence regarding positive developments of global stock markets and comments by government officials on the country’s macro-economy and securities market.
The HNX Index on the Ha Noi Stock Exchange advanced 1.81 per cent to end at 110.02 points. The northern market index has totalled a three-day increase of 1.94 per cent.
Banks, securities firms, energy companies and rubber producers were the major driving forces of the stock market on Tuesday.
According to securities companies, investor confidence improved after global markets shook off worries on hopes for US-China trade talks this week that could help resolve the tensions between the two largest economies.
“The VN-Index rose as the sentiment of investors improved, while regional markets saw positive signs in trade tension between the US and China,” BIDV Securities JSC (BSC) said in its daily report.
Meanwhile, the chairman of the HCM Stock Exchange board of directors Tran Van Dung said at the Vietnam Economic Forum on Tuesday that the Vietnamese equity market would reach ‘emerging market’ status in two years.
Foreign investors net-purchased VND144.3 billion worth of Vietnamese stocks compared to a net sell value of VND58 billion recorded on Monday.
Regarding the market’s short-term future, BVSC said that the VN-Index could break through the range of 980-983 points on Wednesday with bank stocks taking the lead.
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