HÀ NỘI — Shares picked up in both local markets yesterday as investor confidence turned positive after a meeting between the Prime Minister and local businesses.

The benchmark VN Index gained 0.30 per cent to close at 727.20 points, rebounding from a two-day loss of 0.04 per cent.

The HNX Index on the Hà Nội Stock Exchange closed up 0.69 per cent at 91.91 points, extending its gain for a fourth day with a total growth of 2.2 per cent.

Market trading liquidity reduced from Tuesday. More than 269.2 million shares were exchanged on both local bourses, worth VNĐ5.37 trillion (US$238.7 million).

Large-cap stocks performed well, with nearly two-thirds of the 30 largest companies by market capitalisation advancing.

Among gainers, dairy producer Vinamilk (VNM) rose 2.4 per cent, HCM City Infrastructure Investment (CII) and DHG Pharmaceutical (DHG) jumped 3.3 per cent and 3.8 per cent, respectively.

Other gaining stocks among the 30 largest listed firms gained between 0.2 per cent and 1.7 per cent.

Insurance-finance and banking industries performance lifted the stock market, driven by the growth of Sài Gòn-Hà Nội Bank (SHB), Asia Commercial Bank (ACB), Sacombank (STB), Sài Gòn Securities (SSI) and Bảo Việt Holdings (BVH).

BVH edged up 0.7 per cent, Sài Gòn Securities (SSI) increased by 1.7 per cent, Sacombank (STB) was 1.2 per cent and ACB added 2.1 per cent.

However, property stocks suffered from profit-taking, while energy shares were pulled down by lower oil prices during the Asia trading day.

Recent strong gains in property stocks put them in the position that triggered profit-taking among investors.

Real estate firms that fell on profit-taking included Hoàng Quân Consulting-Trading-Service Real Estate (HQC), Tân Tạo Investment and Industry (ITA), FLC Group (FLC) and Vingroup (VIC).

Sài Gòn-Hà Nội Securities (SHS) said in its report that the market was boosted by positive investor confidence after the Prime Minister had a meeting with local businesses, which brought positive news for Việt Nam’s business community.

Good market sentiment drove the VN Index, when it fell to the support range of 723-725 points yesterday morning, proving that demand of investors for low-priced stocks remained positive, the brokerage said, adding that the VN Index is expected to rise further today and target the old peak of 732 points. — VNS