VN Index on the rise for a second day
VN Index on the rise for a second day
Vietnamese shares advanced on both local markets on May 11, led by large-cap stocks such as banking, insurance and technology firms.
The benchmark VN Index on the HCM Stock Exchange rose 1.5 per cent to finish at 614.06 points, extending a gain of 1.7 per cent for a second day running.
The HNX Index on the Ha Noi Stock Exchange rebounded 0.3 per cent to end at 80.41 points after the northern index declined on Tuesday.The flow of investment distributed evenly among all listed companies, resulting in 17 of 20 sectors making gains yesterday.
"Large-cap stocks in the property, insurance and banking sectors were the centre of attention for investors that helped boosted both local markets," Maritime Securities Inc (MSI) wrote in its daily report.
The insurance sector was lifted by Bao Viet Holdings (BVH), Petrolimex Insurance Corp (PGI) and BIDV Insurance Corp (BIC). These stocks added 3.4 per cent, 3.5 per cent and 2.2 per cent, respectively.
The biggest property companies such as Vingroup JSC (VIC), FLC Group and Song Da Urban and Industrial Zone Investment and Development JSC (SJS) saw their stocks make progress during the session.
VIC increased by 2.9 per cent while FLC and SJS gained 1.6 per cent and 1.8 per cent at the end of the day's trading.
Additionally, Vietcombank (VCB), Vietinbank (CTG) and the Bank for Investment and Development of Viet Nam (BID) continued their good runs to provide support for markets.
VCB edged up 0.8 per cent, CTG jumped 3.4 per cent and BID gained 1.6 per cent.
Two of the largest stocks on Viet Nam's stock market, dairy firm Vinamilk (VNM) and food producer Masan Group (MSN), increased by 2.1 per cent and 0.7 per cent, respectively.
In addition, Truong Thanh Furniture Corp (TTF) and steel producer Hoa Phat Group JSC (HPG) improved after the markets witnessed a large amount of these companies' shares being traded through negotiations.
TTF surged 6.6 per cent after more than 41.5 million shares of the company, worth VND994.5 billion (US$44.2 million), were exchanged, and HPG jumped 3 per cent after more than 10 million shares of the company, worth VND320 billion, were traded.
Other companies with positive business news also helped boost the markets such as PetroVietnam Fertiliser and Chemicals Corp (DPM), Da Nang Rubber JSC (DRC) and Tien Len Steel Group JSC (TLH).
Both local bourses saw nearly 202.6 million shares in trading, worth nearly VND3.9 trillion.
