Stocks upbeat on hopeful Q3 earnings
Stocks upbeat on hopeful Q3 earnings
Shares rose further yesterday as investors remained confident in companies with prospects of better performances in the third quarter of this year.
The benchmark VN Index on the HCM Stock Exchange edged up 0.4 per cent to close at 685.23 points, rising a total of 1.6 per cent during the last three sessions.
The HNX Index on the Ha Noi Stock Exchange gained 0.5 per cent to end at 85.34 points, extending a two-day increase of 0.9 per cent.
The rise of the stock market yesterday was attributed to the stocks that were expected to publish better earnings reports for the last quarter, such as real estate companies, construction material producers and seaport operators, BIDV Securities Corp (BSC) wrote in a note.
The property sector was lifted by familiar names such as Vingroup JSC (VIC), Kinh Bac City Development Shareholding Corp (KBC), Tan Tao Investment and Industry Corp (ITA) and FLC Group (FLC).
VIC rose 1.9 per cent, KBC was up 0.3 per cent, ITA and FLC jumped at least 4 per cent.
The increase of real estate firms also dragged construction material producers up, including steelmaker Hoa Phat Group (HPG), Binh Minh Plastic JSC (BMP), Tien Phong Plastic JSC (NTP) and Viet Nam Construction Import-Export Corp (VCG).
Those stocks increased by 1.2 per cent, 0.6 per cent, 1.1 per cent and 4.4 per cent, respectively.
The brokerage sector also had a positive trading day, driven by MB Securities Co (MBS), Sai Gon-Ha Noi Securities Co (SHS), VNDirect Securities Co (VND) and Sai Gon Securities Inc (SSI).
MBS jumped 3.8 per cent, VND added 2.3 per cent, SHS advanced 1.9 per cent and SSI moved up 0.7 per cent.
On the other hand, energy stocks declined as crude prices closed lower on Wednesday, after the Organisation of Petroleum Exporting Countries (OPEC) reported its production reached an eight-year high in September and that it would take some time for the market to stabilise.
London-traded Brent crude ended at US$51.81 a barrel on Wednesday, down 2.5 per cent in two trading days from a five-month high of $53.14 a barrel.
PetroVietnam Mud Drilling Corp (PVC) and PetroVietnam Technical Services Corp (PVS) were among the energy producers which suffered from sliding oil prices, while others remained flat.
Nearly 165 million shares worth VND2.55 trillion ($113.3 million) were traded across the board, a slight increase over Wednesday's trading value.
