Saturday, December 3 2016

VietNamNews

Stocks rise slightly before US election

Update: November, 09/2016 - 10:48
Shares slightly increased yesterday on the two local exchanges with modest trading liquidity as investors were waiting for the result of the US Presidential election. — VNA/VNS Photo

HÀ NỘI — Shares slightly increased yesterday on the two local exchanges with modest trading liquidity as investors were waiting for the result of the US Presidential election.

The benchmark VN Index on the HCM Stock Exchange gained 0.3 per cent to close at 676.46 points, extending a two-day gain of 1.5 per cent.

The HNX Index on the Hà Nội Stock Exchange added 0.2 per cent to end at 81.26 points. The northern market index has advanced nearly 1 per cent after two sessions.

“The stock market opened quite positively but its growth slowed down towards the end of yesterday session as trading liquidity was weak,” BIDV Securities Corp (BSC) wrote in its daily report.

“Investors were showing their cautious sentiment before the result of the US Presidential election goes public today,” BSC said.

“If Hilary Clinton wins the election, Việt Nam’s economy and the stock market will benefit from her policies, as she has always showed some support for free trade between the US and other countries,” Bảo Việt Securities Corp (BVSC) said in a note.

“On the opposite side, if Donald Trump wins it, the US may benefit local-made products with its protectionism and increase taxes on imports from other countries.”

“Việt Nam’s exports will definitely be affected if the US decides to go with protectionism as the world’s largest economy is now our biggest trade partner with a total trade value of US$28 billion made in the first nine months,” BVSC said.

Weak investor sentiment resulted in a mixed performance of leading stocks such as banks, securities firms and insurance companies.

The banking sector was divided into two different half. Gainers were Vietcombank (VCB), Sacombank (STB), Military bank (MBB) and Sài Gòn-Hà Nội Bank (SHB), while Eximbank (EIB), Vietinbank (CTG) and Asia Commercial Bank (ACB) were among declining stocks.

Among brokerage firms, HCM Securities Corp (HCM), Sài Gòn-Hà Nội Securities Corp (SHS) and VNDirect Securities Corp (VND) advanced. Two other large-cap brokers, Sài Gòn Securities Inc (SSI) and Bảo Việt Securities Corp (BVS) ended flat.

The insurance sector was lifted slightly by Bảo Việt Holdings (BVH), BIDV Insurance Corp (BIC) and Bảo Minh Insurance Corp (BMI).

Energy stocks were mixed. PetroVietnam Gas Corp (GAS) edged up 0.6 per cent, PetroVietnam Drilling and Well Services Corp (PVD) jumped 3.9 per cent, while PetroVietnam Coating Corp (PVB) fell 1.6 per cent.

Nearly 139 million shares were traded on both local exchanges worth VNĐ2.22 trillion (nearly $99 million), an increase of 8.8 per cent in trading volume and 9.1 per cent in trading value from Monday. — VNS

Send Us Your Comments:

See also: