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VietNamNews

Stocks reverse last week's losses

Update: August, 11/2015 - 08:30
On the HCM Stock Exchange, the benchmark VN-Index gained nearly 11 points. — File Photo
HA NOI  (VNS) — Vietnamese shares jumped yesterday, rebounding from last week's losses as dairy giant Vinamilk and insurer Bao Viet Holdings led gainers.

On the HCM Stock Exchange, the benchmark VN-Index gained nearly 11 points, or 1.78 per cent, to close the session at 614.53 points. The index fell 2.8 per cent last week.

Vinamilk (VNM) and Bao Viet Holdings (BVH) both hit the trading limit of a 7 per cent increase. The gains helped lift the VN30, which tracks the top 30 shares by market value and liquidity, 1.82 per cent to end at 649.99 points.

Shares of Vinamilk have been on a tear since August 5, when the company said Mai Kieu Lien would stay on as Chief Executive while stepping down as chairwoman in late July. The stock is up 11.5 per cent in the last four trading sessions.

According to analysts, investors are still confident in the growth potential of the country's largest dairy company, which reported a positive performance in the second quarter.

It earned VND10.52 trillion (US$482.6 million) in revenue and almost VND2.2 trillion ($101 million) in profit during the April-June period, up 13.3 per cent in revenue and 39 per cent in profit compared with the same period of last year.

Other large companies also rallied, including Vietcombank (VCB), Vietinbank (CTG), BIDV (BID), HCM Securities (HCM), Saigon Securities, VinGroup (VIC), Hoa Phat Group (HPG) and FPT Corp (FPT).

SSI was also the most active stock in HCM City's market yesterday with almost 3.9 million shares traded, rising 3 per cent to finish at VND27,600 ($1.27) a share.

Gains of large cap companies had a spillover effect to the whole market as the number of rising stocks outnumbered those of losing ones by 130-87. Another 90 companies were flat.

Liquidity was little changed compared with Friday's levels, totaling nearly 91 million shares worth VND1.86 trillion ($85.3 million).

On the Ha Noi Stock Exchange, the HNX-Index edged 0.63 per cent higher to 84.41 points as buying demand for large cap companies here also increased on investors'growing confidence in the market outlook.

The HNX30, which tracks the performance of the top 30 shares by market capitalisation and liquidity, also rose 0.65 per cent to 161.49 points.

Market volume went up 20 per cent from Friday to reach nearly 48 million shares while value of trades increased 10 per cent to VND566 billion ($26 million).

Kim Vi Stainless Steel Commercial Producing Co (KVC) led volume with nearly 3 million shares exchanged. The share value dived 4.62 per cent to settle at VND16,500 (76 cents) each.

Foreign investors remained net buyers yesterday with a combined VND49.5 billion ($2.3 million) worth of shares traded in the two markets. — VNS

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