VN Index rallies for third day
VN Index rallies for third day
Vietnamese shares were mixed on the two local exchanges for a second day, while the southern market rallied for a third day.
The benchmark VN Index on the HCM Stock Exchange (HOSE) gained 0.4 per cent to close at 601.51 points, rallying 1.7 per cent after the last three sessions.
Local banks that are listed on the southern market helped drive the market up after foreign investment continued to flow into the sector, according to HOSE statistics.
Among those banks, Vietcombank (VCB) gained 2.2 per cent, Eximbank (EIB) advanced 2.9 per cent, and the Bank for Investment and Development of Viet Nam (BID) rose 2.3 per cent.Vietcombank and Vietinbank also announced that their earnings in the first quarter of this year were higher than last year's figures.
Investors also turned attention to textile and garment companies, which are expected to increase the foreign ownership in their capital and benefit from trade agreements signed between Viet Nam and other countries.
In this industry, Everpia JSC (EVE), Thanh Cong Textile Garment Investment Trading JSC (TCM) and Mirae JSC (KMR) surged between 6.4 per cent and 6.7 per cent.
Listed companies with good performances during the first quarter of this year and good business news also helped boost the southern index.
Property developer Vingroup JSC (VIC) increased by 1 per cent and Hoang Quan Consutling-Trading-Service Real Estate Corp (HQC) jumped 3.6 per cent after they both recorded higher profits in the first quarter of 2016 compared to last year's figures.
Binh Minh Plastic JSC (BMP) advanced 3.5 per cent after the company announced it will make a second dividend payment of 45 per cent or VND4,500 per share for shareholders in June, totaling its dividend for last year's performance to 60 per cent or VND6,000 per share.
Pha Lai Thermal Power JSC (PPC) spiked 6.7 per cent after the Refrigeration Electrical Engineering Corp (REE) announced it will buy eight million shares of PPC to expand the its holding in PPC to nearly 25 per cent.
On the opposite side, the HNX Index on the Ha Noi Stock Exchange fell another 0.4 per cent to finish at 80.37 points, extending a two-day loss of 0.4 per cent.
Asia Commercial Bank (ACB), An Phat Plastic and Green Environment JSC (AAA), PetroVietnam Coating Corp (PVB), Sai Gon Thuong Tin Real Estate JSC (SCR) and VNDirect Securities Corp (VND) were among the stocks that weighed on the northern bourse.
ACB and AAA fell 0.6 per cent and 0.5 per cent, respectively, PVB dropped 2.1 per cent, SCR lost 1.1 per cent and VND decreased by 0.8 per cent.
Both local markets traded more than 172 million shares worth VND3.1 trillion (US$137.7 million), a slight increase from the previous trading session.
