VN stocks rally on higher Q2 earnings' expectations

Monday, Jul 04, 2016 12:30

Local stocks remained upbeat in the early session as investors were confident in higher corporate earnings during the past three months. — VNA Photo

HA NOI (Biz Hub) — Vietnamese shares remained upbeat in the early session with investors confident local companies would post higher earnings for the past three months.

The benchmark VN Index on the HCM Stock Exchange rose 0.8 per cent to close at 645.43 points.

The HNX Index on the Ha Noi Stock Exchange gained 0.3 per cent to end at 85.39 points.

Steel producers are among the industries that are expected to have performed well in the second quarter.

Tien Len Steel Group JSC (TLH) surged 6.6 per cent, Viet Nam-Italy Steel JSC (VIS) jumped 5.8 per cent and Nam Kim Steel JSC (NKG) advanced 4.4 per cent.

Top steel producers, such as Hoa Phat Group (HPG) and Hoa Sen Group (HSG), increased between 0.5 per cent and 2.6 per cent each.

Energy firms also advanced after oil prices rebounded on Friday. London-traded Brent crude added 1.3 per cent to end trading last week at US$50.35 per barrel. Brent crude was traded at $50.42 per barrel in the early session on Monday.

Among energy stocks, PetroVietnam Gas Corp (GAS) edged up 0.8 per cent, PetroVietnam Drilling and Well Service Corp (PVD) rose 2.6 per cent and PetroVietnam Coating Corp (PVB) was up 1 per cent.

Investors on both local bourses exchanged 105 million shares worth VND1.8 trillion ($80.7 million). — VNS

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