Saturday, December 3 2016

VietNamNews

VN stocks up, led by brokerages

Update: February, 23/2016 - 09:06
An investor follows market fluctuations at Saigon Securities' trading floor. — VNS Photo Doan Tung
HA NOI  (VNS) — Vietnamese shares rose on both local markets yesterday as the brokerage sector jumped, led by Saigon Securities, after foreign investors showed interest in raising ownership in the company.

The benchmark VN Index on the HCM Stock Exchange made the biggest gain after the markets reopened after the Tet holiday, rising 1.2 per cent to close at 560.71 points. The southern index has added 2.5 per cent in the past three days and 2.9 per cent since the end of Tet.

Meanwhile, the HNX Index on the Ha Noi Stock Exchange bounced 0.6 per cent after Friday decline to end at 78.26 points.

The brokerage sector index jumped 4.6 per cent as Saigon Securities Incorporate (SSI) jumped 5.2 per cent after Japan-based brokerage firm Daiwa Securities Group said it would raise its ownership in Saigon Securities Incorporate (SSI) by 5 per cent to 15 per cent, and as HCM City Securities Corporation (HCM), also surged 6.9 per cent.

The insurance sector also helped lift the market, led by BIDV Insurance Corporation (BIC), which rose 6.7 per cent after the company last week announced it allowed more foreign ownership in the capital.

Other insurance firms also had a good session, such as PVI Holdings (PVI), which was up 0.4 per cent after the company reported a net profit of VND600 billion (US$26.7 million) in 2015, twice the number in 2014, and Bao Viet Holdings (BVH), which added 3 per cent.

In addition, the energy sector continued to boost the markets after global crude prices rose on expectations that a production freeze agreed between some of the Organisation of Petroleum Exporting Countries (OPEC) and Russia may help reduce the surplus.

US benchmark crude West Texas Intermediate (WTI) jumped 3.6 per cent yesterday to trade at $30.70 a barrel and London-traded Brent crude leaped 4 per cent to trade at $34.32 a barrel.

Among local energy stocks, PetroVietnam Gas Corporation (GAS) added 0.9 per cent, PetroVietnam Drilling and Well Service Corporation (PVD) was up 2.4 per cent, and PetroVietnam Technical Service Corporation (PVS) gained 1.3 per cent.

Investors still sought to buy stocks that had hit their lowest values since being listed, such as plant grower Hoang Anh Gia Lai JSC (HAG) and its member company HAGL Agricultural JSC (HNG), which surged 6 per cent and 6.8 per cent, respectively.

Other biggest stocks also contributed to the market gains yesterday. The Bank for Investment and Development of Viet Nam (BID) and food and beverage producer Masan Group (MSN) jumped 4.2 per cent each, while dairy firm Vinamilk (VNM) added 0.8 per cent, and property developer Vingroup JSC (VIC) inched up 0.2 per cent.

Yesterday, Viet Nam's central bank cut the reference mid-point rate for its exchange trading band by VND6 to VND21,894 for a US dollar.

Both local markets traded more than 208 million shares worth VND3.3 trillion ($147 million), an increase of nearly 40 per cent from last week's daily trading value. — VNS

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