Blue chips drive VN stocks back up

March 24, 2017 - 09:00
Investors at MB Securities Company. The stock market recovered on Thursday on high investor confidence in blue chips. - VNS Photo Trương Vị
Viet Nam News

HÀ NỘI — Vietnamese shares rose yesterday after sliding in the previous session, driven by large-cap stocks on high investor confidence.

The benchmark VN-Index on the HCM Stock Exchange increased by 0.9 per cent to close at 719.56 points, and the HNX-Index on the Hà Nội Stock Exchange inched up 0.1 per cent to end at 89.9 points.

The VN-Index was down 0.5 per cent on Wednesday, while the HNX-Index dropped 0.4 per cent.

Market trading liquidity dropped from Wednesday’s level with more than 230.5 million shares being exchanged on the two local bourses, worth VNĐ4.52 trillion (US$200.87 million).

The figures were down 31 per cent in trading volume and 21.3 per cent in trading value compared to Wednesday’s numbers.

The stock market recovered well yesterday, with investors showing strong demand for high-priced stocks, Bảo Việt Securities Corp (BVSC) wrote in its daily report. “Yesterday’s gains have proved that investor confidence is very positive at the moment, especially after a fall on Wednesday brought share prices back to their short-term attractive levels,” BVSC said. “However, the level of 720 points will remain a difficult barrier for the VN-Index.”

Local stocks were driven by banking-finance companies and property developers after those firms performed badly on Wednesday.

Six of the nine listed banks advanced, including top large-cap banks such as Vietcombank (VCB), Sacombank (STB) and Sài Gòn-Hà Nội Bank (SHB).

Other financial firms also performed well, including insurer Bảo Việt Holdings (BVH), Sài Gòn-Hà Nội Securities Corp (SHS) and Sài Gòn Securities Inc (SSI).

VCB rose 1.5 per cent, SHB added 2 per cent and STB surged 6 per cent. Yesterday’s gain also helped STB rally for a fourth day with a total growth of 10.7 per cent.

In the property sector, Phát Đạt Real Estate Development JSC (PDR) gained 2.7 per cent, Sài Gòn Thương Tín Real Estate JSC (SCR) advanced 1.5 per cent, and Vingroup (VIC) was up 2 per cent.

In addition, the market received a strong boost from other sectors, such as food and beverage and agriculture.

Those sectors were pulled up by Hoàng Anh Gia Lai JSC (HAG), Hoàng Anh Gia Lai Agriculture International (HNG), consumer goods producer Masan Group (MSN) and dairy company Vinamilk (VNM). — VNS