Stocks advance for a second day
Stocks advance for a second day
Shares advanced for a second session in both local markets on Wednesday as investor confidence was bolstered by higher crude prices.
The benchmark VN Index on the HCM Stock Exchange rose 0.63 per cent to close at 774.17 points. It has gained 1 per cent over the last two trading days.
The HNX Index on the Ha Noi Stock Exchange inched up 0.14 per cent to end at 100.56 points, extending gains for a second session with total growth of 0.2 per cent.
More than 232 million shares were traded on both local bourses, worth VND4.13 trillion (US$183.8 million).
Wednesday’s trading figures were down 19.5 per cent in volume and 16.5 per cent in value from the previous session.
Foreign investors remained net buyers with net buy value of VND104.6 billion, a surge of 58 per cent from Tuesday.
Large-cap stocks performed well with 20 of the 30 largest firms by market capitalisation advancing while eight others fell.
The strongest gainers included HCM City Infrastructure Investment (CII), Thanh Thanh Cong Tay Ninh Sugar Co (SBT), dairy producer Vinamilk (VNM), property developer Vingroup (VIC), food maker Kido (KDC) and DHG Pharmaceutical Co (DHG).
Property, construction, food and beverage and healthcare service industries were among sectors that had the highest growth rates among 20 sectors.
The four industry indices increased by at least 1 per cent, followed by plastic production, insurance and finance services and retail.
In addition, energy stocks moved forward for a second-session due to rising crude prices.
Brent crude gained 1.4 per cent to trade at $48.19 a barrel. It has risen 2.8 per cent in the last two trading days.
In the local markets, among gaining energy stocks were PetroVietnam Gas (GAS), PetroVietnam Drilling and Well Services (PVD) and PetroVietnam Coating (PVB).
Those stocks advanced 4 per cent, 1.1 per cent and 0.9 per cent, respectively.
Blue chips were the major factor that dragged the markets up for a second day after slumping on Friday and Monday, Sai Gon-Ha Noi Securities Co (SHS) wrote in its daily report.
However, market trading liquidity declined for a second day, showing that investors remained cautious, SHS said.
According to Bao Viet Securities Co, it is unlikely local stocks will jump at their current levels. “The markets will go sideways in the next few days and investors will wait for listed companies to release second-quarter earnings reports.”
