Stocks rise as banks and energy firms advance
Stocks rise as banks and energy firms advance
Vietnamese shares rose on both local markets at the end of the morning, erasing the losses they suffered earlier, as the stocks of banks and energy firms increased.
The benchmark VN Index on the HCM Stock Exchange gained 0.3 per cent to close at 562.61 points, and the HNX Index on the Ha Noi Stock Exchange added 0.4 per cent to end at 79.34 points.
Banks lifted the markets, led by the Asia Commercial Bank (ACB) and the Bank for Investment and Development of Viet Nam (BID), which advanced 1.6 per cent and 1.1 per cent, respectively.Vietinbank (CTG) and Vietcombank (VCB) made smaller gains of 0.6 per cent and 0.4 per cent, respectively.
Additionally, energy stocks increased after oil prices rose slightly on Thursday to extend their gains for a second day.
PetroVietnam Gas Corporation (GAS) added 1.4 per cent, PetroVietnam Technical Service Corporation (PVS) rose 1.3 per cent, and PetroVietnam Drilling and Well Service Corporation (PVD) edged up 0.4 per cent.
However, insurance companies and food producer Masan Group pulled down the markets.
Masan Group (MSN) fell 0.7 per cent, while Bao Minh Insurance Corporation (BMI), Bao Viet Holdings (BVH) and BIDV Insurance Corporation (BIC) dropped between 0.6 per cent and one per cent.
Both local markets traded nearly 92 million shares, worth VND1.34 trillion (US$59.6 million).
