Blue chips lift VN Index for third day
Blue chips lift VN Index for third day
Vietnamese shares extended gains yesterday as investor confidence recovered, boosting large-cap stocks and market trading liquidity.
The benchmark VN Index on the HCM Stock Exchange rose 1.7 per cent to finish at 648.33 points, jumping a total 3.3 per cent in the last three sessions.
The HNX Index on the Ha Noi Stock Exchange gained 0.7 per cent to close at 82.27 points. The northern market index has increased by 1.6 per cent in two trading days.
"Strong gains in the local indices and in trading liquidity prove that investor confidence has recovered," Maritime Securities Inc wrote in its daily report.
More than 158 million shares were traded on the two local exchanges for a total value of VND2.78 trillion (US$123.8 million), an increase of 12 per cent in value from Tuesday's trading.
Better investor sentiment benefited blue chips, especially property developers Vingroup JSC (VIC) and Khang Dien Trading and Investment JSC (KDH).
VIC yesterday surged 6.8 per cent and KDH jumped 5.1 per cent, pulling other property stocks such as FLC Group (FLC) and Sai Gon Thuong Tin Real Estate JSC (SCR).
Higher investor confidence also boosted other blue chips such as dairy firm Vinamilk (VNM), insurer Bao Viet Holdings (BVH), the three largest banks and PetroVietnam Gas Corp (GAS).
VNM added 1.2 per cent and GAS edged up 0.8 per cent.
The three largest banks, Vietcombank (VCB), Vietinbank (CTG) and Bank for Investment and Development of Viet Nam (BID) respectively moved up 0.9 per cent, 3 per cent and 2.4 per cent.
Steel producers and traders, including Hoa Phat Group (HSG), Hoa Sen Group (HSG) and Viet Nam-Italy Steel JSC (VIS) advanced on expectations that steel prices would improve in the future.
HPG, HSG and VIS climbed between 3 per cent and 4.6 per cent.
Other listed companies also helped lift the stock market on their business news.
Water transportation firm Gemadept Corp (GMD) was up 1.5 per cent after the State Capital Investment Corp (SCIC) decided to sell its entire 15 million shares in Gemadept between August 15 and September 13.
Truck distributor Hoang Huy Investment Services JSC (HHS) surged 5.3 per cent after Hoang Huy Finance JSC offered to buy nearly 12.7 million shares from HHS's shareholders between August 9 and September 7.
Hoang Anh Gia Lai JSC (HAG) and Hoang Anh Gia Lai International Agriculture JSC (HNG) continued to soar 5.4 per cent and 6.7 per cent.
