Vinamilk props up VN stock
Vinamilk props up VN stock
Shares advanced on both local exchanges yesterday, driven by dairy producer Vinamilk, and market liquidity remained moderate.
The benchmark VN Index on the HCM Stock Exchange inched up 0.2 per cent to close at 664.72 points. The southern stock index fell slightly on Wednesday.
The HNX Index on the Ha Noi Stock Exchange rose 0.7 per cent to close at 79.56 points. The northern market index has increased by 0.9 per cent over two sessions.
More than 144 million shares were exchanged on the two local bourses, worth VND2.55 trillion (US$113.5 million). That included nearly 21.8 million shares, worth VND470.45 billion, which were traded via put-through transactions.
Dairy producer Vinamilk, the largest company by market capitalisation, made gains for a third day to push the stock market forward.
The company’s shares, listed as VNM on HOSE, advanced 2.1 per cent after one of the firm’s shareholders – F&N Dairy Investment - registered to purchase nearly 21.8 million Vinamilk shares between December 30 and January 27.
If the deal is successfully completed, F&N Dairy Investment will raise its stake in Vinamilk from 13.65 per cent to 15.15 per cent, owning nearly 220 million shares. VNM has jumped 5 per cent in the last three trading days.
Sai Gon Thuong Tin Commercial Joint Stock Bank (STB) yesterday jumped 3.3 per cent on speculation that an external organisation will help restructure and take over control of the bank from the State Bank of Viet Nam.
The HCM City-based bank’s shares have risen 14.6 per cent in the last five sessions.
Other blue chips also advanced, including Faros Construction Corp (ROS), property developer and retailer Vingroup (VIC), insurance-finance services firm Bao Viet Holdings (BVH), Sai Gon-Ha Noi Bank (SHB) and Sai Gon-Ha Noi Securities Corp (SHS).
But Sai Gon Beer, Alcohol and Beverage Corp (Sabeco) was one of the stocks that hindered market growth, losing 1 per cent after Bao Viet Holdings signed up to sell 500,000 shares of the largest brewer.
Mid-cap and small-cap stocks, or speculative stocks, ended down from Wednesday’s closing prices as investors locked in profits after previous gains.
Among those stocks, two real estate firms FLC Group (FLC) and Hoang Quan Consulting Trading Service Real Estate Corporation (HQC) fell 2.5 per cent and 2.2 per cent, respectively.
