VN Index rebounds off two-day drop

Thursday, Feb 04, 2016 08:01

Traders at VNDirect Securities Corporation's exchange floor. The VN Index yesterday bounced back 0.5 per cent after two days of losses. — VNS Photo Viet Thanh

HA NOI (Biz Hub) — Vietnamese shares yesterday were mixed on the two local bourses, while large-cap companies were pulled higher by improving earnings results.

The benchmark VN Index on the HCM Stock Exchange gained 0.5 per cent to close at 539.07 points, rebounding from a two-day fall of 1.6 per cent.

On the contrary, the HNX Index on the Ha Noi Stock Exchange inched down 0.1 per cent to end at 75.80 points, extending its loss to 1.4 per cent in the last three days.

Large-cap companies that helped lift the benchmark VN Index included dairy firm Vinamilk (VNM), food and beverage producer Masan Group (MSN) and software provider FPT Corporation (FPT), which rose 1.7 per cent, 2.1 per cent and 0.9 per cent, respectively.

Those companies announced higher business performances in 2015 compared to figures from 2014. For example, Masan Group earned a net profit of US$113 million last year, an increase of 24 per cent from 2014.

In addition, the recent volatility of global oil prices have helped plastic and rubber stocks advance. US benchmark crude West Texas Intermediate (WTI) yesterday fell 0.7 per cent to trade at $29.66 a barrel and London-traded Brent crude dropped 0.6 per cent to trade at $32.51 a barrel.

Among rubber and plastic firms, Binh Minh Plastic JSC (BMP) jumped 3.4 per cent, Rang Dong Plastic JSC (RDP) was up 0.8 per cent and Sao Vang Rubber JSC (SRC) gained 0.7 per cent.

However, declining oil prices continued to prevent energy stocks from advancing. PetroVietnam Drilling and Well Services Corporation (PVD) dropped 0.5 per cent, PetroVietnam Technical Services Corporation (PVS) fell 2.1 per cent and PetroVietnam Coating Corporation (PVB) slumped 3.7 per cent.

Market liquidity continued to decline as investors were unwilling to purchase stocks amid uncertainty over the global economy and the volatility of oil prices.

Both markets yesterday traded more than 126 million shares worth VND1.66 trillion ($74 million), a decrease of 3 per cent from Tuesday's trading value. — VNS

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