VN shares end four-day decline
VN shares end four-day decline
Vietnamese shares yesterday rose on both local exchanges, snapping a four-day decline, led by positive company news for small-cap and medium-cap stocks.
The benchmark VN Index on the HCM Stock Exchange was up 0.7 per cent to close at 574.42 points and the HNX Index on the Ha Noi Stock Exchange inched up 0.3 per cent to end at 80.54 points.
Good company news helped boost small- and medium-cap stocks, such as agricultural firm Hoang Anh Gia Lai Joint Stock Company (HAGL), property developer Tan Tao Investment Industrial JSC and support service provider Ha Noi Investment General Corporation.
HAGL (HAG) jumped 5 per cent after the company decided to pay dividend to its shareholders by issuing additional shares in its subsidiary HAGL Agricultural JSC (HNG) for them.
Tan Tao Investment Industrial JSC (ITA) gained 3.3 per cent after the company sold its entire ownership in the property project ITA 276 in HCM City for US$18.5 million.
Ha Noi Investment General Corporation (SHN) surged 7.4 per cent after sold its 6.5 million shares in the Sapa – Geleximco Joint Stock Company and 3 million shares in Tan Hoang Cau JSC to earn VND383 billion ($17 million).
In addition, the national stock market was also boosted by the banking sector, whose index gained 1.2 per cent after the World Bank said it expects Viet Nam's central bank not to tighten its fiscal policy in short term, Sai Gon Ha Noi Securities Corporation (SHS) wrote in a report.
That expectation came after the World Bank forecast Viet Nam's GDP growth rate this year would be 6.5 per cent and rise to 6.6 per cent next year on an increase of investment and individual consumption, SHS said.
That information brought some positive impact on the banking sector as banks such as Vietcombank, the Bank for Investment and Development of Viet Nam (BIDV), Sacombank and Vietinbank made gains.
Vietcombank (VCB) inched up 0.2 per cent, BIDV (BID) gained 2.4 per cent, Sacombank (STB) jumped 2.8 per cent and Vietinbank (CTG) was up 1.6 per cent.
Both local bourses traded more than 147 million shares, worth VND1.9 trillion ($88.2 million), a decrease of 11 per cent from Tuesday.
