Tuesday, October 25 2016


VN shares led up by banks

Update: December, 16/2015 - 08:03

Investors trace market fluctuations at Hoang Gia stock trading floor in Ha Noi. — VNS Photo Truong Vi

HA NOI (VNS) — Vietnamese shares made gains yesterday on both local exchanges, led by banks and energy firms.

The benchmark VN Index on the HCM Stock Exchange rose 1 per cent to close at 568 points and the HNX Index on the Ha Noi Stock Exchange inched up 0.2 per cent to end at 78.9 points.

The energy sector index gained 1.3 per cent as local energy firms benefited from a rebound of global oil prices. The US benchmark crude West Texas Intermediate (WTI) bounced off a seven -year low, rising 1.9 per cent to US$36.31 a barrel.

The biggest Vietnamese energy firms rose as PetroVietnam Gas Corporation (GAS) added 1.9 per cent, fuel dealer Petrolimex Gas Corporation (PGC) gained 0.7 per cent and PetroVietnam Drilling and Well Services Corporation (PVD) jumped 3.3 per cent.

The stock market also received a strong boost from the banking sector, whose index rose 1.5 per cent. The biggest banks on the market Vietcombank (VCB) surged 3.9 per cent and Vietinbank (CTG) increased by 2.8 per cent.

Yesterday, local joint-stock banks like Vietcombank and Vietinbank raised their buying price of the Vietnamese dong/US dollar rate by VND40-42 while their selling rate remained at the highest set by Viet Nam's central bank, VND22,547 per dollar.

Analysts said a possible interest rate hike made by the US central bank could weaken the dong further against the dollar.

Other stocks such as Saigon Securities Inc. (SSI), FLC Group (FLC) and Tan Tao Investment Industrial JSC also rose after the German investment firm Market Vector Index Solutions (MVIS) late Monday announced it would increase ownership in 14 Vietnamese companies, including the ones mentioned above.

As a result, SSI gained 0.8 per cent, FLC jumped 2.5 per cent and Tan Tao Investment Industrial JSC (ITA) gained 1.8 per cent.

Both local exchanges traded nearly 175 million shares worth VND2.65 trillion ($118 million), an increase of 7 per cent from Monday. — VNS

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