Stocks rebound after Monday fall
Stocks rebound after Monday fall
Vietnamese shares yesterday rebounded from a short fall on Monday, as property developers made gains after they reported higher profits last year compared to 2014.
The benchmark VN Index on the HCM Stock Exchange rose 0.8 per cent to close at 548.05 points, and the HNX Index on the Ha Noi Stock Exchange gained 1.6 per cent to end at 77.97 points.
The property sector index was up 0.7 per cent with big companies such as FLC Group (FLC), Tan Tao Investment Industrial JSC (ITA) and Kinh Bac City Development Share Holding Corporation (KBC) announcing better profits in 2015 compared to 2014.
For example, FLC Group earned a net profit of VND904 billion (US$40 million), 2.5 times more than in 2014, while Tan Tao JSC made a net profit of VND182 billion ($8 million), an increase of 15 per cent from the previous year, and Kinh Bac Corporation earned a net profit of VND629 billion ($28 million), nearly double that of 2014.
FLC rose by 6.3 per cent, ITA by 2 per cent and KBC by 2.5 per cent during yesterday's trading session.
Other stocks, including Asia Commercial Bank (ACB), financial service provider FIT Investment JSC (FIT), Binh Minh Plastic JSC (BMP) and Tien Phong Plastic JSC (NTP), also helped boost the markets thanks to rising 2015 profit reports.
These stocks rose 2.1 per cent, 3.9 per cent, 3.3 per cent and 2.8 per cent, respectively.
In addition, energy stocks extended their gains on higher global crude prices after leading crude exporters Saudi Arabia and Russia agreed to freeze oil production at January levels.
US benchmark crude West Texas Intermediate (WTI) jumped 3.5 per cent to trade at $31.12 a barrel and London-traded Brent crude surged 6.2 per cent to trade at $35.45 a barrel.
Energy stocks that made gains included PetroVietnam Gas Corporation (GAS), PetroVietnam Drilling and Well Service Corporation (PVD), and PetroVietnam Technical Service Corporation (PVS), which jumped 4.7 per cent, 4.6 per cent and 4.2 per cent, respectively.
Yesterday, Viet Nam's central bank raised its reference mid-point rate for exchange trading band by VND11 to trade at VND21,884/US dollar.
Market liquidity continued to rise on both local bourses with a combined 144 million shares worth VND1.9 trillion ($85 million) traded, nearly double the trading value on Monday.
