Blue Chips Lead the Way

The stock market began the week with a flurry of interest in the blue chips and gains by 65 stocks to push the VN-Index up 17.15 points to 975.82.

The ripple of selling that had lapped against Sacombank (STB) on Friday was replaced by a wave of enthusiasm that sent STB limit up to VND66,500 as 2.16 million shares found new owners.

Thanks to STB’s good showing, major shareholder REE Technology (REE) also closed limit up on the back of surging orders, as did Vietfund Management (VFMVF1), an investment fund co-founded by Sacombank.

Newcomer Vincom (VIC) was another stock to do well as foreigners piled in to extend its unbroken rise since listing.

Among the other big caps, FPT Corporation (FPT) rose by VND11,000, Vinamilk (VNM) added VND2,000, and Petro Vietnam Drilling and Well Services (PVD) put on VND3,000, as did Saigon Cables & Telecommunication Materials (SAM).

With the Mid-Autumn Festival drawing to a close, moon cake producers will probably garner less attention than they have been of late, at least until they start reporting their figures for the third quarter.

The stock market is looking up, there’s no doubt about it, and many pundits are tipping the VN-Index to regain the magical 1,000-point level sometime next month. 

By Ba Tan, Cat Tri – Translated by Khanh Hong

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