VN stocks rally on Vingroup surge
VN stocks rally on Vingroup surge
Vietnamese shares rose further on both local markets yesterday, extending their gains from last week as property developer Vingroup jumped during the session.
The benchmark VN Index on the HCM Stock Exchange gained 1.2 per cent to finish at 579.27 points, jumping 4.2 per cent in the last five sessions.
The HNX Index on the Ha Noi Stock Exchange added 0.5 per cent to close at 80.66 points, extending its rally of 2.8 per cent for a sixth day.
The property sector was boosted by Vingroup (VIC) on expectations that the company will introduce a new project in the central area of HCM City in the second quarter of this year. VIC surged 6.3 per cent at the end of yesterday.
FLC Group was up 1.6 per cent after the company's management board approved the plan to set up a new branch in the central regional province of Thanh Hoa. FLC was also the most active stock with more than 9.2 million shares being exchanged.
Other property firms such as Kinh Bac City Development Share Holding Corp (KBC), Sao Mai Group Corp (ASM) and Nam Long Investment Corp (NLG) also made gains.
In addition, energy stocks continued their good form as oil prices surged last week on expectations of an agreement on an output freeze reached at the meeting this week between OPEC and other producers and on a decrease of US production.
US crude West Texas Intermediate fell 0.5 per cent to trade at US$39.51 a barrel and Brent crude dropped 0.4 per cent to trade at US$41.79 a barrel, but both showed some recovery on late-day trading.
US crude and London-traded Brent crude surged 8 per cent and 8.5 per cent, respectively, during last week.
Among energy stocks, PetroVietnam Gas Corp (GAS) and PetroVietnam Drilling and Well Service Corp (PVD) gained 2 per cent and 2.5 per cent, respectively.
PetroVietnam Mud Drilling Corp (PVC) and PetroVietnam Coating Corp (PVB) advanced 1.3 per cent and 1.4 per cent.
Construction steel producers such as Vietnam-Italy Steel JSC (VIS), Hoa Phat Group JSC (HPG) and Pomina Steel Corp (POM) also helped lift the markets after they remained among top five producers in the first quarter of the year as they benefited from an anti-dumping policy issued late last month. VIS rose 1.4 per cent, HPG added 2.2 per cent and POM surged 6.3 per cent.
An Pha Petrol JSC (ASP) yesterday jumped 5.1 per cent after the company at the annual shareholder's meeting last Saturday said it may allow foreign capital into the company up to 100 per cent from the current level of 49 per cent.
Both local markets traded nearly 203 million shares worth VND3.36 trillion ($149.7 million), an increase of nearly 27 per cent from last week's daily trading value.
