Markets trading slows close to Tet

Monday, Jan 23, 2017 12:45

The benchmark VN Index on the HCM Stock Exchange gained 0.2 per cent on Monday morning as banks advanced on expectations for positive 2016 earnings. — Photo

Local shares saw a mixed response on Monday morning as market trading liquidity remained very low with investors uninterested in buying so close to the Tet holidays.

The benchmark VN Index on the HCM Stock Exchange inched up 0.2 per cent to close at 687.35 points. Việt Nam’s main stock index had gained 0.6 per cent on Friday.

The HNX Index on the Ha Noi Stock Exchange fell 0.5 per cent to end at 82.87 points. The northern market index was up 0.4 per cent on Friday.

More than 55.6 million shares worth VND1.13 trillion (US$50.4 million) were traded on Monday morning.

Dairy producer Vinamilk and banks Vietcombank (VCB), Vietinbank (CTG) and Bank for Investment and Development of Viet Nam (BID) pushed the market up. The banking sector has become attractive to investors on expectations of positive earnings reports for 2016. CTG posted the strongest growth of 2.2 per cent, while VCB inched up 0.1 per cent and BID edged up 0.9 per cent.

On January 21, Vietcombank reported a total net profit of VND6.82 trillion in 2016, a year-on-year increase of 28 per cent. Earlier this month, Vietinbank announced a pre-tax profit of VND8.25 trillion for 2016, an increase of 12 per cent from 2015.

Vinamilk advanced 1.4 per cent after online purchase by foreign investors last week.

Hoang Quan Consulting Trading Service Real Estate Corporation (HQC) surged 6.9 per cent after the company last week announced that it would buy back 50 million shares within a month starting January 25. — VNS

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