Friday, September 30 2016

VietNamNews

VN stocks struggle to remain up

Update: June, 22/2016 - 09:00
Investors watch a trading board at FPT Securities Corp. Vietnamese shares yesterday stayed positive while energy stocks declined from a two-day increase. — VNS Photo Trương Vị
Viet Nam News

HÀ NỘI — Vietnamese shares struggled to remain positive yesterday, although investors remained upbeat ahead of Britain’s vote on the country’s membership of the European Union, energy stocks suffered from lower oil prices.

The benchmark VN Index on the HCM Stock Exchange finished at 628.00 points, up 0.3 per cent from Monday, and extended a two-day gain of 1.4 per cent.

The HNX Index on the Hà Nội Stock Exchange was choppy yesterday, rising 0.2 per cent to close at 84.50 points. The northern index has increased by 0.7 per cent in the last two sessions.

Investor confidence remained high yesterday on expectations that British voters will decide to stay in the European Union this Thursday, local media reported.

The market’s expectations helped ease the US dollar on global exchanges and encouraged Việt Nam’s central bank to reduce its daily reference mid-point rate for foreign exchange trading band by VNĐ15 to VNĐ21,848 for a dollar.

A lower trading rate between the Vietnamese đồng and the dollar trigged higher net foreign purchase, lifting blue chips on both local exchanges.

Foreign investors recorded a net buying of VNĐ102.4 billion (US$4.55 million), an increase of more than one-third from Monday’s figure.

On the southern market, dairy firm Vinamilk (VNM) rose 1.5 per cent, property and retail firm Vingroup JSC (VIC) was up 0.9 per cent, insurer Bảo Việt Holdings (BVH) gained 0.8 per cent and Sài Gòn Thương Tín Commercial Bank (STB) advanced 1.8 per cent.

On the northern exchange, large-cap stocks that made gains included Vicostone JSC (VCS), Tiền Phong Plastic JSC (NTP), insurer PVI Holdings (PVI) and Việt Nam Construction and Import-Export JSC (VCG). These shares added between 0.4 per cent and 1.9 per cent.

Steel producer Hòa Phát Group (HPG) increased by 2.1 per cent on expectations that the company will record better performance in the second quarter. HPG has jumped 16 per cent in the past three weeks.

On the opposite side, energy stocks slid as oil prices retreated from a two-day increase. US crude West Texas Intermediate (WTI) fell 1.2 per cent to trade at $48.77 a barrel, and London-traded Brent crude dropped 1.3 per cent to trade at nearly $50 a barrel.

Among local energy stocks, PetroVietnam Gas Corp (GAS) was down 1.6 per cent, PetroVietnam Coating Corp (PVB) and PetroVietnam Mud Drilling Corp (PVC) slipped 2.6 per cent and 2.4 per cent, respectively.

Both local markets exchanged more than 185 million shares, worth VNĐ3.5 trillion – up 35 per cent from Monday’s trading value. — VNS

 

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