Vietnamese shares gained steadily on Thursday, driven by positive investor confidence that lifted financial-banking and energy stocks.
Việt Nam’s benchmark VN Index fell for a third straight session on Wednesday, following other Asian markets, as investor confidence hit the floor with worries over the trade tension between China and the US.
Shares ended on a positive note on Tuesday as cash flowed into large-caps.
Vietnamese shares advanced on Wednesday despite investors’ profit-taking as overall market sentiment remained positive about the possibility of resolving China-US trade tensions.
Shares declined steeply towards the end of Wednesday’s afternoon session due to investor concerns over global instability.
Vietnamese shares are expected to go up in August as investors look forward to listed companies’ earnings prospects in the remaining five months of the year, especially banks and financial firms.
Though Vietnamese shares bounced back strongly in the last two sessions of last week, analysts and brokerage firms remained skeptical that the stock market had actually overcome a difficult period and begun its consolidation.
A large-scale sell-off sank Vietnamese shares on Wednesday after China-US trade tensions increased and dampened investor confidence in the world’s economic prospects.
Vietnamese shares fell in the last minutes of trading on Monday as selling pressure weighed down large-cap companies after they grew strongly in the last two sessions.