VN stocks struggle to remain up
VN stocks struggle to remain up
Vietnamese shares struggled to remain positive yesterday, although investors remained upbeat ahead of Britain's vote on the country's membership of the European Union, energy stocks suffered from lower oil prices.
The benchmark VN Index on the HCM Stock Exchange finished at 628.00 points, up 0.3 per cent from Monday, and extended a two-day gain of 1.4 per cent.
The HNX Index on the Ha Noi Stock Exchange was choppy yesterday, rising 0.2 per cent to close at 84.50 points. The northern index has increased by 0.7 per cent in the last two sessions.
Investor confidence remained high yesterday on expectations that British voters will decide to stay in the European Union this Thursday, local media reported.
The market's expectations helped ease the US dollar on global exchanges and encouraged Viet Nam's central bank to reduce its daily reference mid-point rate for foreign exchange trading band by VND15 to VND21,848 for a dollar.
A lower trading rate between the Vietnamese dong and the dollar trigged higher net foreign purchase, lifting blue chips on both local exchanges.
Foreign investors recorded a net buying of VND102.4 billion (US$4.55 million), an increase of more than one-third from Monday's figure.
On the southern market, dairy firm Vinamilk (VNM) rose 1.5 per cent, property and retail firm Vingroup JSC (VIC) was up 0.9 per cent, insurer Bao Viet Holdings (BVH) gained 0.8 per cent and Sai Gon Thuong Tin Commercial Bank (STB) advanced 1.8 per cent.
On the northern exchange, large-cap stocks that made gains included Vicostone JSC (VCS), Tien Phong Plastic JSC (NTP), insurer PVI Holdings (PVI) and Viet Nam Construction and Import-Export JSC (VCG). These shares added between 0.4 per cent and 1.9 per cent.
Steel producer Hoa Phat Group (HPG) increased by 2.1 per cent on expectations that the company will record better performance in the second quarter. HPG has jumped 16 per cent in the past three weeks.
On the opposite side, energy stocks slid as oil prices retreated from a two-day increase. US crude West Texas Intermediate (WTI) fell 1.2 per cent to trade at $48.77 a barrel, and London-traded Brent crude dropped 1.3 per cent to trade at nearly $50 a barrel.
Among local energy stocks, PetroVietnam Gas Corp (GAS) was down 1.6 per cent, PetroVietnam Coating Corp (PVB) and PetroVietnam Mud Drilling Corp (PVC) slipped 2.6 per cent and 2.4 per cent, respectively.
Both local markets exchanged more than 185 million shares, worth VND3.5 trillion – up 35 per cent from Monday's trading value.
