Friday, October 28 2016


VN Index rises slightly, HN falls

Update: February, 20/2016 - 09:38
An investor checks her phone at the trading floor of Tan Viet Securities in Ha Noi. — VNS Photo Doan Tung
HA NOI (VNS) — Vietnamese shares were mixed yesterday on the two local exchanges, while the southern bourse rose after companies said they would allow bigger foreign ownership stakes.

The benchmark VN Index on the HCM Stock Exchange rose 0.3 per cent on the HCM Stock Exchange, extending its gain of 1.3 per cent for a second day. The southern index has risen 1.7 per cent during this week.

Meanwhile, the HNX Index on the Ha Noi Stock Exchange pulled back 0.2 per cent to end at 77.81 points. The northern index has added 1.2 per cent from the previous week.

The insurance sector and the banking sector helped boost the markets as BIDV Insurance Corporation (BIC) and Military Bank (MBB) surged 6.5 per cent and 4 per cent, respectively, after those two firms announced yesterday they will allow foreigners to win a larger percentage of their companies.

BIC decided to raise the foreign-owed stake in its shares from 21.5 per cent to 49 per cent while MBB will raise foreign ownership in its capital from 10 per cent to 20 per cent.

MBB was also the second most active stock on the two local markets with more than 19 million shares in trading.

Seafood producer Vinh Hoan Corporation (VHC) also jumped 5.4 per cent after the company said it would allow foreign investors to increase their ownership in the firm from 32.5 per cent to 100 per cent beginning on Sunday.

Plant grower Hoang Anh Gia Lai JSC (HAG) and its subsidiary HAGL Agricultural JSC (HNG) surged 6.4 per cent and 6 per cent, respectively, as investors swooped in after deep sell-offs.

HNG was the most active stock with nearly 42 million shares in trading and HAG ranked third in the most-active-stock chart with more than 15 million shares.

HAG had fallen 80 per cent to a five-year low at VND7,800 per share before yesterday's session, and HNG had dropped three-quarters to VND8,300 per share since it was first listed last July.

On the opposite side, the property sector fell, led by the biggest firms such as Vingroup JSC (VIC), FLC Group (FLC) and Nam Long Investment Corporation (NLG), which dropped 2 per cent, 1.4 per cent and 1.7 per cent, respectively.

Yesterday, the reference mid-point rate for the central bank's exchange trading band was VND21,900 for a US dollar, nearly unchanged compared to Thursday's rate of VND21,901.

Local stock markets traded nearly 225 million shares worth VND3.2 trillion (VND3,151,139 million), an increase of a quarter from Thursday's trading value. — VNS

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