Tuesday, September 26 2017

VietNamNews

VN stocks advance on both bourses

Update: July, 29/2017 - 07:30
Vietnamese shares rose on both local exchanges on Friday, led by the finance-banking sector after Asia Commercial Bank released its second-quarter earnings report.— Photo bizlive.vn

HÀ NỘI — Vietnamese shares rose on both local exchanges on Friday, led by the finance-banking sector after Asia Commercial Bank released its second-quarter earnings report.

The benchmark VN Index on the HCM Stock Exchange gained 0.72 per cent to close at 777.09 points, rebounding from Thursday’s loss of 0.3 per cent.

The HNX Index on the Hà Nội Stock Exchange rose 0.93 per cent to end at 100.55 points. The northern market index has rallied 3.7 per cent in the last four sessions.

The two local indices also posted weekly gains after Friday. The VN Index rose 2 per cent for the week and the HNX Index increased by 2.6 per cent.

More than 278.7 million shares were traded on both local bourses, worth VNĐ4.75 trillion (US$211.4 million).

Friday’s trading figures were 38 per cent and 33 per cent higher in volume and value, respectively, compared to Thursday.

The stock market was boosted after Asia Commercial Bank (ACB) released its second-quarter earnings report.

The HNX-listed bank reported its post-tax profits in the second quarter rose 42 per cent year-on-year to VNĐ501 billion, making its post-tax profit for the first six months of 2017 VNĐ1.26 trillion.

ACB shares advanced 1.6 per cent, lifting other bank shares such as MBBank (MBB), Eximbank (EIB) and Bank for Investment and Development of Việt Nam (BID).

Those bank stocks went up between 0.4 per cent and 5.9 per cent.

Shares of brokerage and insurance companies also performed well with gainers including insurance firms PVI Holdings (PVI) and Việt Nam National Reinsurance (VNR), and brokerages Agribank Securities (AGR), Sài Gòn-Hà Nội Securities (SHS) and VNDirect Securities (VND).

Other sectors with strong growth on Friday included property developers, construction companies, agriculture firms and retailers.

Though the stock market recovered on both local exchanges after having slightly fallen on Thursday, investors will remain cautious with the market conditions in the coming sessions, BIDV Securities (BSC) wrote in its daily report.

“Investors will focus their money on large-cap stocks, which are secure assets in their liquidity and financial status, and the stock market will have a chance to overcome the level of 780 points.” — VNS

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