Shares extend gains on growth of bank stocks
Shares extend gains on growth of bank stocks
Shares extended their rise on Thursday morning, backed by strong growth of banks.
The benchmark VN-Index on the HCM Stock Exchange was up 0.4 per cent at 722.5 points.
On the Ha Noi Stock Exchange, the HNX-Index inched up 0.04 per cent to 89.9 points.
Six of nine listed banks advanced following positive business reports in the first quarter of this year.
The three largest lenders -- BIDV (BID), Vietcombank (VCB), Vietinbank (CTG) -- increased between 1.8 per cent and 2.5 per cent each.
Pre-tax profits of these banks all surpassed VND2 trillion (US$88 million) in the first quarter.
Smaller banks such as Sacombank (STB) and Eximbank (EIB) also advanced thanks to impressive profit growth in the first three months.
Only Military Bank (MBB) and Sai Gon-Ha Noi Bank (SHB) declined 0.6 per cent and 2.7 per cent, respectively.
On the defensive side, oil and gas stocks continued their slump, such as PV Gas (GAS), PetroVietnam Drillings and Well Service (PVD) and PetroVietnam Technical Services (PVS).
Liquidity remained positive with total 258 million shares worth over VND2.8 trillion ($123.3 million) being traded on the two markets.
Afternoon trade starts at 1pm.
