VN Index rallies for fourth day
VN Index rallies for fourth day
Vietnamese shares were mixed for a third day on the two local exchanges yesterday, while blue chips continued to attract foreign investors with positive quarterly performances.
The benchmark VN Index on the HCM Stock Exchange rose 0.8 per cent to close at 606.52 points, rallying 2.5 per cent over the last four trading days.
The banking sector was driven up by Vietcombank (VCB), Vietinbank (CTG) and Military Bank (MBB), which all saw higher profits in the first three months of 2016 from last year's figures.
VCB, CTG and MBB recorded a year-on-year increase of 62 per cent, 54 per cent and 13.8 per cent in their net profits during the first quarter, respectively.They also became attractive to foreign investors, whose buying volumes accounted for at least 38 per cent of total trading volumes in these three banks.
By the end of yesterday's session, VCB and CTG had jumped 3.2 per cent and 3.6 per cent each, while MBB was up 1.3 per cent.
Additionally, large-cap stocks in other sectors also made gains and boosted local markets.
Property developer Vingroup JSC (VIC) added 1.9 per cent, and foreign purchasing volume represented more than a quarter of the stock's trading volume.
In the consumer goods industry, food producer Masan Group (MSN) advanced 2.1 per cent. Foreign investors bought nearly half of the stock's trading volume yesterday.
In the agriculture sector, Hoang Anh Gia Lai JSC (HAG) and its subsidiary HAGL Agricultural JSC (HNG) bounced back after a two-day decline, making these two stocks attractive to investors.
HAG and HNG rose 1.4 per cent and 1.3 per cent after falling 7.5 per cent and 9.4 per cent in the previous two sessions.
Cell phone retailer Mobile World Investment Corp (MWG) was up 1.9 per cent to lift the retail sector after the company saw a year-on-year increase of 80 per cent in the first-quarter net profit to VND418 billion (US$18.6 million).
Other large-cap stocks that supported the southern market included the Bank for Investment and Development of Viet Nam (BID), PetroVietnam Gas Corp (GAS) and HCM City Securities Corp (HCM).
Meanwhile, the HNX Index on the Ha Noi Stock Exchange ended nearly flat at 80.37 points, extending a three-day decline of 0.4 per cent.
The northern bourse was pulled down by Bao Viet Securities Corp (BVS), insurer PVI Holdings (PVI), PetroVietnam Technical Service Corp (PVS) and Sai Gon-Ha Noi Bank (SHB).
Both local markets exchanged nearly 168 million shares worth VND2.78 trillion ($123.6 million), a decrease of 10 per cent from Thursday's trading value.
