Banks and food drive VN stocks
Banks and food drive VN stocks
Vietnamese shares remained upbeat on Tuesday, driven by banks and food and beverage producers.
The benchmark VN Index on the HCM Stock Exchange inched up 0.2 per cent to close at 716.18 points. The southern market index gained a total of 0.8 per cent in the last two sessions.
The HNX Index on the Ha Noi Stock Exchange advanced 1.2 per cent to finish at 90.13 points, extending its rally for a sixth day with a total growth of 3.6 per cent.
Market trading liquidity increased from Monday’s level with more than 287 million shares being exchanged, worth VND5.32 trillion (US$236.48 million).
The banking sector had the strongest growth yesterday, up an aggregate of 2 per cent with eight of the nine listed banks making gains.
Asia Commercial Bank (ACB), Bank for Investment and Development of Viet Nam (BID) and Eximbank (EIB) jumped 4.6 per cent, 3.9 per cent and 3.5 per cent, respectively.
Other bank stocks rose between 1.1 per cent and 2.3 per cent, including Vietcombank (VCB), MBBank (MBB), Vietinbank (CTG) and Sacombank (STB).
The food and beverage sector was pulled up by good performance by dairy producer Vinamilk (VNM) and consumer goods producer Masan Group (MSN). VNM added 1.3 per cent and MSN increased by 2.6 per cent.
The stock market also recorded good gains in other large-cap companies, such as steel maker Hoa Phat Group (HPG), property developer FLC Group (FLC) and Faros Construction Corp (ROS).
FLC yesterday surged 6.9 per cent to extend its gain to a third day with total growth of 8.1 per cent. FLC in 2016 recorded a post-tax profit of VND987 billion.
On the opposite side, southern brewer Sabeco (SAB), PetroVietnam Gas Corp (GAS) and property developer Vingroup (VIC) weighed on the market.
“The VN Index rose at a slower pace at the end of Tuesday session as investors sought profits when the benchmark was near the resistance range of 718-720 points,” Sai Gon-Ha Noi Securities Corp (SHS) wrote in its report.
The benchmark index will likely rise on Wednesday to test the level of 719 -720 points again, however, sales pressure will increase when the index approaches that range. Investors should be cautious with their investments, SHS said.
