Financial stocks help markets rally

Tuesday, Jul 05, 2016 12:31

Expectations for good corporate earnings in the past three months continued to lift local markets in the early session. — VNA Photo

HA NOI (Biz Hub) — Vietnamese shares rallied in the early session led by financial companies and property developers.

The benchmark VN Index on the HCM Stock Exchange rose 1 per cent to close at 654.25 points.

The HNX Index on the Ha Noi Stock Exchange edged up 0.3 per cent to end at 86.10 points.

In the financial sector, securities companies were the strongest gainers on expectations of higher earnings for the second quarter of the year.

Among those companies, HCM City Securities Corp (HCM), Sai Gon Securities Inc (SSI), VNDirect Securities Corp (VND) and BIDV Securities Inc (BSI) advanced 4.7 per cent, 2.7 per cent, 5.5 per cent and 3.3 per cent, respectively.

Banks and insurance firms also made good gains. Vietcombank (VCB) jumped 3.7 per cent, Sai Gon-Ha Noi Bank (SHB) added 1.6 per cent, Bank for Investment and Development of Viet Nam (BID) was up 1.7 per cent and insurer Bao Viet Holdings (BVH) jumped 3.3 per cent.

The real estate industry is also expected to have performed well in the last three months. Real estate stocks that made gains included Vingroup JSC (VIC), FLC Group (FLC) and Sai Gon Thuong Tin Real Estate JSC (SCR).

Investors traded nearly 125 million shares on both local bourses worth VND2.34 trillion (US$104 million). — VNS

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