Shares rise, ending three-day slump
Shares rise, ending three-day slump
Vietnamese shares yesterday rose on both local exchanges as investors targeted stocks that have had large declines recently.
The benchmark VN Index on the HCM Stock Exchange gained 0.8 per cent to close at 674.75 points, ending a three-day decline of 1.6 per cent.
The HNX Index on the Ha Noi Stock Exchange was up slightly by 0.3 per cent to finish at 78.68 points after falling 1.9 per cent during the previous two days.
Yesterday's gains were attributed to a technical recovery after investors purchased large-cap stocks that had declined sharply in the previous three days, Sai Gon Ha Noi Securities Corporation (SHS) wrote in a report.
Those stocks included food and beverage producer Masan Group (MSN), which gained 1.3 per cent after it had fallen 3.2 per cent in the previous two days, dairy firm Vinamilk (VNM), which was up 0.8 per cent after dropping 2.3 per cent in two days, and food grower Hoang Anh Gia Lai JSC (HAG), which jumped 4.2 per cent after pulling back 10.3 per cent in four days.
Viet Nam's stock markets also received support from positive moves on China's stock market after the Chinese Government calmed down local investors following a sharp decline on Monday by extending a ban on stock sales by large shareholders, Bao Viet Securities Corporation (BVSC) said.
In addition, a flat Vietnamese dong helped bolstered investor confidence in financial firms, such as Vietcombank (VCB), insurer Bao Viet Holdings (BVH), the Bank for Investment and Development of Viet Nam (BID) and Vietinbank (CTG), which gained 1.2 per cent, 2.9 per cent, 0.5 per cent and 1.1 per cent, respectively.
The US benchmark crude West Texas Intermediate (WTI) yesterday ended almost flat in global oil markets. However, the local energy sector suffered as WTI crude had dropped 2.1 per cent on Tuesday to close trading at US$35.97 a barrel.
Both local markets traded more than 133 million shares for a value of nearly VND2 trillion ($87.8 million), slightly decreased from Tuesday's trading value.
