VN shares up on consumer confidence
VN shares up on consumer confidence
Vietnamese shares yesterday rose slightly on both local exchanges as retailers made gains after the latest statistics from ANZ bank showed growing consumer confidence.
The benchmark VN Index on the HCM Stock Exchange inched up 0.3 per cent to close at 595.70 points and the HNX Index on the Ha Noi Stock Exchange was up 0.5 per cent to end at 82.06 points.
The retail sector index gained 1.4 per cent after Melbourne-based ANZ bank showed that Viet Nam's consumer confidence index (CCI) in November gained 1.2 points to stand at 142.3 points, higher than the last year's average of 133.3 points.
"Local consumers are showing they are optimistic about their individual incomes during the last months of the year to buy more household appliances," Sai Gon Ha Noi Securities Corporation (SHS) said in a report.
Local retailers made gains, led by the conglomerate FPT Corporation (FPT) and Tran Anh Digital World JSC (TAG), which operate in various business sectors including electronics and technological products distribution, and consumer goods retailer Ca Mau Trading Joint Stock Company (CMV).
At the end of yesterday, FPT gained 1.8 per cent, TAG was up 2 per cent and CMV surged 6.4 per cent.
The national stock market also received support from energy stocks such as PetroVietnam Gas Corporation (GAS), Materials-Petroleum Joint Stock Company (COM) and Petrolimex Gas Corporation (PGC) on investor expectation that they will benefit from higher global oil prices.
On the global crude market, the US benchmark West Texas Intermediate (WTI) jumped 2.7 per cent to trade at US$42.87 a barrel on Tuesday and the Brent crude gained 2.9 per cent to trade at $46.12 a barrel. WTI crude has gained 6.4 per cent from Friday and Brent crude has risen 3.3 per cent.
GAS inched up 0.9 per cent, Materials-Petroleum Joint Stock Company (COM) jumped 5 per cent and Petrolimex Gas Corporation (PGC) gained 2 per cent.
Both local bourses exchanged nearly 208 million shares, worth nearly VND2.9 trillion ($129 million), a decrease of 13 per cent from Tuesday.
