Shares rise on Q3 earnings' expectations

Wednesday, Oct 05, 2016 12:48

Shares increase on October 5 when firms post better profits for the third quarter. — Photo

HA NOI (Biz Hub) – Shares rose in morning trade on the two stock exchanges as investors pinned their hopes on prospects of positive earnings of large companies in the third quarter.

On the HCM Stock Exchange, the VN-Index was up 0.6 per cent to close at 688.4 points. It inched up 0.2 per cent yesterday.

Eighteen of the 30 highest valued stocks climbed, while only eight declined. Gainers included dairy giant Vinamilk (VNM), real estate VinGroup (VIC), lender BIDV (BID) and Vietcombank (VCB), as well as Vietinbank (CTG), PV Gas (GAS) and insurer Bao Viet Holding (BVH).

Steelmaker Hoa Phat Group (HPG), the ninth-largest stock by market value, rose 0.1 per cent this morning, ending its four-day losing streak. Its shares lost nearly six per cent in the last four trades.

Hoang Huy Investment Financial Services JSC (TCH) debuted 330 million shares on the HCM Stock Exchange this morning. The company's shares rose by the maximum daily limit of 20 per cent on its first trading day to VND18,000 per share.

According to analysts at Saigon-Hanoi Securities Co, investors tend to buy shares which promise good earnings in the third quarter, particularly large-cap companies.

On the Ha Noi Stock Exchange, the HNX-Index gained 0.5 per cent to end at 85.5 points. The index decreased 0.3 per cent on Tuesday.

Close to 76 million shares worth over VND1.3 trillion (US$58.3 million) were traded on the two markets in morning trade.

Afternoon trade starts at 1pm. – VNS

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