Local markets gain marginally, await US Fed announcement
Local markets gain marginally, await US Fed announcement
Shares went up marginally on Wednesday morning on rising caution ahead of the results of the US Federal Reserve meeting.
The benchmark VN Index on the HCM Stock Exchange inched up 0.04 per cent to 715 points. On the Hà Nội Stock Exchange, the HNX Index was up 0.3 per cent at 87.4 points.
Many large-cap stocks such as VinGroup (VIC), Saigon Securities Inc (SSI), Military Bank (MBB), Bao Viet Holdings (BVH), PV Gas (GAS), Hoa Phat Group (HPG) and Hoa Sen Group (HSG) slipped this morning.
On the positive side, property stocks continued to attract money inflows and buoyed the markets.
FLC Group (FLC), Hoang Quan Consulting Trading Service Real Estate (HQC), Dat Xanh Real Estate Service & Construction (DXG) and Novaland Investment (NVL) were among the most heavily traded stocks and rose between 0.4 per cent and 2.4 per cent.
The US Fed Reserve went into a meeting on Tuesday night. Results of the two-day meeting will be revealed on Thursday morning, Vietnamese local time. The positive report on the US unemployment rate has strengthened the forecast of an interest rate rise. The Fed’s decision may have a negative impact on emerging and frontier markets, including Viet Nam, in terms of foreign withdrawal and forex movements.
A total of 101 million shares worth around VND2.1 trillion (US$93.6 million) were traded in the two markets.
The afternoon session starts at 1pm.
