VN stocks up for second straight day

Friday, Jun 30, 2017 08:00

An investor at Vietcombank Securities Company. — VNS Photo Thai Ha

Vietnamese shares extended gains for a second session in both local markets on Thursday, driven by the financial sector.

The benchmark VN Index on the HCM Stock Exchange advanced 0.35 per cent to close at 771.75 points, marking a two-day increase of 0.5 per cent.

The HNX Index on the Ha Noi Stock Exchange added 0.45 per cent to finish at 98.80 points. The northern market index has risen total 0.8 per cent in two sessions.

More than 253.3 million shares were exchanged on both local bourses, worth VND4.26 trillion (US$189.4 million).

Financial stocks with banks, brokerages and other large-cap companies were to thank for market gains on Thursday, according to BIDV Securities (BSC).

Four of the nine bank stocks, MBBank (MBB), BIDV (BID), Vietcombank (VCB) and Asia Commercial Bank (ACB), advanced between 0.4 per cent and 2.3 per cent.

Local media reported that gains of bank stocks were caused by positive investor confidence after shares of Kien Long Bank started trading on the Unlisted Public Company Market (UPCoM) under symbol KLB on Thursday and soared 14 per cent.

Brokerage firms that saw their share prices up included Sai Gon Securities Inc (SSI), BIDV Securities (BSI) and HCM City Securities (HCM).

The Ha Noi Stock Exchange’s vice general director Nguyen Thi Hoang Lan on Thursday said that the market regulator had completed preparations for the derivatives market and new products will be launched in August.

The three brokerages listed above would be able to trade derivatives products after the HNX granted them trading permits in May and June.

Other stocks that contributed to the gains were gas station operator Petrolimex (PLX), consumer goods producer Masan Group (MSN) and agriculture firms Hoang Anh Gia Lai (HAG) and HAGL Agrico (HNG).

The benchmark VN Index has approached the level of 770 points and the lift mainly came from blue-chip stocks as the VN30 Index, which covers the performance of the 30 largest companies by market capitalisation, rose 4.11 points and broke its short-term peak of 760 points, BSC said.

Cash continued to spread out among sectors, signaling that money remained active on the market, the brokerage said, adding that the VN Index is expected to move in the range of 770 and 775 points in the next few sessions. — VNS

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