Vietnam's stocks bounce back on positive US Congress deal

Vietnam's stock market bounced back to 500-point mark with steady rising during the week following the news that the U.S. Congress approved a deal to lift the U.S. government's borrowing limit and end the partial government shutdown. The VN-Index of the southern Ho Chi Minh City Stock Exchange ( HoSE) went up 1.24 points or 0.25 percent to close at 500.83 points on Friday. During the week, VN-Index gained 6.3 point or 1.27 percent against last Friday's closing session. The index experienced four ups and one down, posting the highest level of 500.83 points on Friday and the lowest level of 494.81 points on Monday. Last week VN-Index ranged from 494.53 points to 502.22 points. A total of 69.746 million shares worth 1.152 trillion VND (54. 62 million U.S. dollars) changed hands at the HoSE on Friday, an increase of 8.81 percent in volume and 20.48 percent in value against Thursday. VN-30 index, the new benchmark index for the HoSE which tracks the 30 leading shares by both market capitalization and liquidity, closed at 559.38 points on Friday, up 1.59 points or 0.29 percent against the previous trading day. A total of 21.485 million shares were traded, worth 691.9 billion VND (32.79 million U.S. dollars). On the country's northern bourse, Hanoi Stock Exchange, the HNX-Index concluded at 61.52 points, up 0.17 points or 0.27 percent on Friday against the previous trading day's closing session. Together with the steady uptrend, liquidity was also improved in recent trading sessions and speculative cash returned as the VN- Index fluctuated around the 500-point level. Trading value recorded the highest rate during the last seven days. Foreign investors remained as net buyers for the 17th successive day. Insiders said that the recent consecutive net buying from foreign investors when the VN-Index approached the 500- point mark was unusual. In the past, foreign investors often boosted sales when the benchmark neared the crucial level. Analysts predicted a further upward trend over the next few sessions, said Vietnam News Agency.