Milk lifts VN stocks to three-week high

Friday, Aug 12, 2016 09:40

Investors follow market movements on FTP Securities' trading floor. — VNS Photo Thai Ha
HA NOI (Biz Hub) — Vietnamese shares remained positive yesterday, driven by blue chips such as dairy firm Vinamilk and bank stocks.

The benchmark VN Index on the HCM Stock Exchange gained 1.8 per cent to finish at 660.24 points, the highest score in the last three trading weeks.

The southern market index has increased by 5.2 per cent in the last four trading days from a one-month low on Friday.

The HNX Index on the Ha Noi Stock Exchange added 1.2 per cent to close at 83.24 points, totaling a three-session rally of 2.8 per cent.

The stock market extended gains as "blue chips continued to rise" and "foreign investors turned to net buyers", BIDV Securities Corp wrote in its daily report.

Viet Nam Dairy Products JSC (VNM) yesterday jumped 3 per cent to hit a new high of VND169,000 (US$7.5).

Banks also recorded big gains. Vietcombank (VCB), Sai Gon-Ha Noi Bank (SHB) and Bank for Investment and Development of Viet Nam (BID) added between 2.4 per cent and 4.7 per cent.

Hoang Anh Gia Lai JSC (HAG) and its subsidiary Hoang Anh Gia Lai International Agriculture JSC (HNG) surged 6.8 per cent and 6.2 per cent, respectively.

Those two stocks have soared 23.5 per cent and 21 per cent in the last four sessions on speculations that Hoang Anh Gia Lai JSC's debt restructuring plan has been approved, Bao Viet Securities Corp said in a report.

Automobile traders such as TMT Motors Corp (TMT), Hoang Huy Investment Services JSC (HHS) and Hang Xanh Motors Service JSC (HAX) advanced between 6.6 per cent and 6.8 per cent.

Those auto traders have increased by at least 12 per cent in the last few days after a recent report published by the Vietnam Automobile Manufacturers' Association showed that car sales in July rose by 15 per cent from the previous month and 38 per cent over a year.

Steel producers also made good gains, including Hoa Phat Group (HPG), Hoa Sen Group (HSG) and Tien Len Steel Corp (TLH).

Property developers Tan Tao Investment and Industry Corp (ITA) and Kinh Bac City Development Holding Corp (KBC) were the most active stocks. Each stock had more than 10 million shares being traded during the day.

Investors exchanged more than 184.6 million shares worth VND3.17 trillion ($141 million) during the day, an increase of 14 per cent from Wednesday's trading value. — VNS

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