Tuesday, December 6 2016

VietNamNews

VN stocks, investor confidence rise

Update: March, 11/2016 - 09:00
Investors on Royal Securities Company’s exchange floor. Yesterday VN Index bounced back as high investor confidence boosted financial stocks. - VNS Photo Trương Vị

HÀ NỘI (VNS) — Vietnamese shares rose on both local markets yesterday. Financial firms, including banks, insurance companies and brokerage firms, made gains.

The benchmark VN Index rebounded 0.7 per cent to close at 575.91 points after declining by 0.8 per cent in the previous two trading sessions.

The HNX Index on the Hà Nội Stock Exchange also rose 0.7 per cent to close at 79.89 points, extending a two-day gain of 1 per cent.

Better investor confidence yesterday bolstered the financial sector on expectations that the European Central Bank (ECB) may ease its financial policy and buy more securities from the market every month, Bảo Việt Securities Corporation (BVSC) wrote in its daily report late Thursday.

The financial sector was lifted by the Bank for Investment and Development of Việt Nam (BID), Sài Gòn-Hà Nội Bank (SHB), Bảo Minh Insurance Corporation (BMI) and BIDV Insurance Corporation (BIC), which rose 1.7 per cent, 1.4 per cent, 2.7 per cent, and 2.4 per cent, respectively.

Brokerage firms also increased, including Bảo Việt Securities Corporation (BVS), HCM City Securities Corporation (HCM), Sài Gòn-Hà Nội Securities Corporation (SHS) and Sài Gòn Securities Incorporation (SSI). These stocks added 1.5 per cent, 4.4 per cent, 2.7 per cent and 1.7 per cent, respectively.

Property stocks also helped boost the markets from Wednesday gains. Among property companies, Hoàng Anh Gia Lai JSC (HAG) jumped 4.9 per cent, while Kinh Bắc City Development Share Holding Corporation (KBC) and FLC Group (FLC) advanced 1.5 per cent each.

Additionally, energy stocks extended gains on recent rallies in global oil prices. US benchmark West Texas Intermediate (WTI) yesterday dropped 1 per cent to trade at $37.90 a barrel, however WTI surged nearly 45 per cent, a month from its twelve-year low.

Among local energy stocks, PetroVietnam Gas Corporation (GAS) gained 1.8 per cent, while PetroVietnam Drilling and Well Service Corporation (PVD) and PetroVietnam Mud Drilling Corporation (PVC) jumped 3 per cent and 3.4 per cent each.

Other large-cap stocks also helped raise the markets, including software provider FPT Corporation (FPT), and steel makers Hoà Phát Group (HPG), Hoa Sen Group Corporation (HSG), and Phước Hoà Rubber JSC (PHR).

Both local markets traded nearly 198 shares worth VNĐ3 trillion ($132 million), an increase of 18 per cent from Wednesday’s trading value. — VNS

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