Banks continue to boost local markets

Friday, May 06, 2016 12:52

Banks extended gains on Friday morning to lift both local markets. — Photo

HA NOI (Biz Hub) — Vietnamese shares rose on both local markets on Friday morning as banks continued to increase on foreign purchases.

The benchmark VN Index on the HCM Stock Exchange (HOSE) gained 1 per cent to close at 607.63 points and the HNX Index on the Ha Noi Stock Exchange inched up 0.1 per cent to end at 80.44 points.

According to HOSE's statistics, strong foreign purchases in banks helped boost the market.

The three biggest banks listed on the exchange – Vietcombank (VCB), Vietinbank (CTG) and Bank for Investment and Development of Viet Nam (BID) – jumped at least 3 per cent each.

Brokerage companies and property developers also recorded good gains.

The brokerage industry was lifted by Sai Gon Securities Inc (SSI), HCM City Securities Corp (HCM), VNDirect Securities Corp (VND) and FIT Investment JSC (FIT).

The stocks of these companies rose between 0.9 per cent and 1.7 per cent.

The property sector saw gains in Vingroup JSC (VIC), Kinh Bac City Development Share Holding Corp (KBC), Tan Tao Investment Industrial JSC (ITA) and Phat Dat Real Estate Development JSC (PDR).

Insurance firms, however, prevented the markets from rising higher. Bao Viet Holdings (BVH) dropped 0.8 per cent, Bao Minh Insurance Corp (BMI) fell 2 per cent and PVI Holdings (PVI) was down 1.2 per cent.

Both local markets traded nearly 95.6 million shares worth VND1.46 trillion (US$64.8 million). — VNS

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