Sunday, December 11 2016

VietNamNews

Financial stocks help VN shares bounce back

Update: March, 17/2016 - 09:00
nvestors follow transactions at VnDirect in Ha Noi. Securities stocks helped boost the markets as their business benefited from recently improved market liquidity. — VNS Photo Viet Thanh

HÀ NỘI (VNS) — Vietnamese shares yesterday rebounded on both local markets from Tuesday’s falls, led by financial stocks, including banks, insurance companies and brokerage firms.

The benchmark VN Index on the HCM Stock Exchange and the HNX Index on the Hà Nội Stock Exchange rose 0.5 per cent each to finish at 577.07 points and 80 points, respectively.

The banking sector was lifted by Vietcombank (VCB) and the Bank for Investment and Development of Việt Nam (BID). These stocks gained 2.9 per cent and 1.1 per cent, respectively.

The insurance sector also made good gains, led by Bảo Việt Holdings (BVH), BIDV Insurance Corporation (BIC) and Bảo Minh Insurance Corporation (BMI). BVH and BIC added 0.9 per cent each while BMI rose 1.1 per cent.

Securities stocks helped boost the markets as their business benefited from recently improved market liquidity, which has remained higher than last year’s average daily trading value since the markets reopened after the Tết holidays.

Both local markets yesterday traded more than 201 million shares worth VNĐ2.75 trillion (US$122.5 million), higher than last year’s average daily trading value of US$111 million.

Among brokerage stocks, HCM City Securities Corporation (HCM) rose 1 per cent, AgriBank Securities JSC (AGR) jumped 3.2 per cent, and Bảo Việt Securities Corporation (BVS) was up 0.8 per cent.

Meanwhile, foreign investor confidence was low ahead of the US central bank’s meeting on expectations that it will maintain the current interest rates. If the interest rates are raised, the Vietnamese đồng will become weaker against the US dollar.

Yesterday, Việt Nam’s central bank increased its daily reference mid-point rate by VNĐ6 to VNĐ21,878 a US dollar. The mid-point rate has gained VNĐ29 in the last two days.

The stock markets also received support from other large-cap stocks such as PetroVietnam Gas Corporation (GAS), dairy corporation Vinamilk (VNM), Hoàng Anh Gia Lai JSC (HAG) and Hoàng Anh Gia Lai Agricultural JSC (HNG). These stocks advanced 0.9 per cent, 0.7 per cent, 2.4 per cent and 4.3 per cent, respectively.

On the negative side, natural rubber producers such as Đồng Phú Rubber JSC (DPR), Tây Ninh Rubber JSC (TRC) and Phước Hoà Rubber JSC (PHR) suffered extended losses after having made good gains last week on improved rubber prices. – VNS

 

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