Vietnam shares climb for fifth straight day, hit 2-week high

The benchmark VN Index of the Ho Chi Minh City Stock Exchange ended up 21.12 points, or 2.29%, at the intraday high of 942.39, marking the highest close since July 2. This was also the strongest rise of the gauge since May 31, according to exchange data. Investor sentiment strengthened throughout the trading day as most Asian bourses closed higher today. The US markets post the fourth day of gains on July 17 after Fed Chairman Jerome Power was upbeat on the economy and corporate earnings.
Liquidity improved with 223.94 million shares worth VND4.94 trillion (US$214.8 million) traded, marking the strongest volume over the past month.
Leading the rally were financials such as BIDV (BID), VietinBank (CTG), Vietcombank (VCB), VIB, Saigon Securities (SSI), and Ho Chi Minh City Securities (HCM), and energy stocks like PV Gas (GAS) and PV Drilling (PVD).
After one month of FIFA World Cup, traders are shifting their attention to the local stock market. In addition, cash flows to the derivatives market have narrowed after the stock market watchdog tightened the regulation, giving more room to the underlying share market, a Hanoi-based trader said.