Blue chips lift VN stocks from Tuesday's slump

Wednesday, Apr 20, 2016 12:30

Local markets rebounded this morning as blue chips, such as steel producers and property firms, recovered from Tuesday's fall. — Photo

HA NOI (Biz Hub) — Vietnamese shares rebounded slightly on both local markets this morning, led by blue chips, after a sharp fall on Tuesday.

The benchmark VN Index on the HCM Stock Exchange rose 0.4 per cent to close at 570.52 points, and the HNX Index on the Ha Noi Stock Exchange ended almost flat at 79.46 points.

Among the large-cap stocks, steel producer Hoa Sen Group (HSG) surged 6.8 per cent after the company announced a net profit of VND418 billion (US$18.6 million) for the first quarter of this year, a sharp increase from the previous quarter.

Property developer An Duong Thao Dien JSC (HAR) jumped 4.6 per cent after the company announced it will allow foreign investors to own more shares in the company at its annual shareholders meeting.

Meanwhile, energy stocks recovered from Tuesday's sharp decline as oil prices bounced back after a strike in Kuwait temporarily reduced the country's production.

PetroVietnam Gas Corp (GAS), PetroVietnam Technical Service Corp (PVS) and PetroVietnam Drilling and Well Service Corp (PVD) gained between 0.6 per cent and 0.8 per cent.

Other blue chips, such as dairy firm Vinamilk (VNM), Sai Gon Securities Inc (SSI) and property company Vingroup JSC (VIC), also made gains.

Market liquidity was low. Both local markets exchanged nearly 79.6 million shares worth VND1.38 trillion. — VNS


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