Blue chip stocks lift VN markets
Blue chip stocks lift VN markets
Vietnamese shares yesterday bounced back on both local markets from the falls on Wednesday as companies announced positive plans this year and large-cap stocks increased.
The benchmark VN Index on the HCM Stock Exchange rebounded 0.3 per cent to finish at 579.49 points.
The HNX Index on the Ha Noi Stock Exchange inched up 0.1 per cent to end at 80.28 points, ending a two-day loss of 0.5 per cent.
Two companies in the agricultural sector, Hoang Anh Gia Lai JSC (HAG) and its subsidiary HAGL Agricultural JSC (HNG), lifted the markets as these stocks became attractive to investors after recent declines.
HAG and HNG surged 6 per cent and 6.1 per cent, respectively. HAG slumped 14 per cent during the previous five trading days and HNG fell 16.5 per cent in six consecutive sessions.
Other smaller stocks made gains as investors received positive news about the companies' performances and business plans at their shareholder meetings.
Song Da Urban and Industrial Zone Investment and Development JSC (SJS) rose 2 per cent and Kinh Bac City Development Share Holding Corp jumped 3.9 per cent after those companies targeted higher incomes and profits this year compared to last year's figures.
Thu Duc Housing Development Corp (TDH) advanced 2.9 per cent after the company proposed its shareholders allow foreign investors raise ownership to 60 per cent from 49 per cent. TDH has gained 10 per cent in two sessions.
Steel producer Tien Len Steel Group JSC (TLH) was up 2.6 per cent after the company officially announced it earned a net profit of nearly VND104 billion (US$4.6 million) in the first quarter of this year.
"Blue chips continued to influence the moves in both markets," Bao Viet Securities Corp (BVSC) wrote in its daily report.
Those blue chips included Vietcombank (VCB), the Bank for Investment and Development of Viet Nam (BID), property firm Vingroup JSC (VIC), steel producer Hoa Phat Group (HPG) and food producer Masan Group (MSN).
These stocks increased by between 0.7 per cent and 1 per cent.
Meanwhile, energy stocks turned to negative territory on declining oil prices as investors and analysts doubted an agreement on a production freeze until the meeting this weekend between some of OPEC's members and producers such as Russia. Both local markets traded more than 164.3 million shares worth VND2.54 trillion ($113 million), a decrease of nearly 13 per cent from Wednesday's trading value.
