Stocks up after Masan reveals dividend plan

Wednesday, Nov 23, 2016 12:37

Investors at Vietcombank Securities Co. Shares end positive on Wednesday morning, driven by Masan Group after the company announced its dividend payment plan. - Photo

Markets stayed positive on Wednesday morning as consumer goods producer Masan Group’s stocks rose after it announced its dividend payment plan. Market liquidity, however, remained low owing to weak investor sentiment.

The benchmark VN Index on the HCM Stock Exchange and the HNX Index on the Ha Noi Stock Exchange edged up 0.2 per cent each to close at 683.23 points and 81.16 points, respectively.

The Masan Group (MSN) took the lead during early trading and surged 6.9 per cent after the company announced its plan to pay 80 per cent dividend, of which 30 per cent would be in cash and 50 per cent in bonus shares. Its shares have risen by more than 10 per cent since November 15.

Insurance-banking industries also performed well, with Vietcombank (VCB), Bank for Investment and Development of Viet Nam (BID), Asia Commercial Bank (ACB) and insurer Bao Viet Holdings (BVH) all seeing gains. These stocks gained between 0.5 per cent and 1.8 per cent.

Energy stocks showed some correction following recent gains as oil prices dropped after a three-day rally, following the Organisation of Petroleum Exporting Countries’ (OPEC) failure to convince Iran and Iraq to agree to an output cut at the Vienna meeting.

Both dairy firm Vinamilk (VNM) and Faros Construction Corp (ROS) fell on profit-taking, by 0.9 per cent and 1.8 per cent, respectively.

Market trading liquidity remained low, with around 81.7 million shares worth VND1.4 trillion (US$62 million) being traded. – VNS

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