Shares advance despite Fed’s rate hike
Shares advance despite Fed’s rate hike
Shares advanced on Thursday morning on the two exchanges even though the US Federal Reserve on Wednesday hiked the benchmark interest rate for the second time in three months.
On the HCM Stock Exchange, the VN-Index increased by 0.22 per cent to 714.68 points.
On the Hà Nội Stock Exchange, the HNX-Index was up 0.46 per cent at 87.86 points.
Several large-cap stocks witnessed robust gains this morning, such as Vinamilk (VNM), VinGroup (VIC), Vietcombank (VCB) and Bao Viet Holdings (BVH), as well as PV Gas (GAS), Saigon Securities Inc (SSI), Vietinbank (CTG) and FPT Corp (FPT).
Agribusiness Hoang Anh Gia Lai Co (HAG) and Hoang Anh Gia Lai Agricultural Investment (HNG) attracted heavy investment, with nearly 10 million HAG shares and 2.5 million HNG shares being exchanged.
The two companies were among the top five most active stocks on the HCM Stock Exchange. HAG gained 4.8 per cent while HNG grew 3.1 per cent.
According to analysts, the Fed’s decision was predicted many days ago, therefore there will be no significant negative impact on the local market.
Liquidity was positive with a total of 114.5 million shares worth a combined VND2.2 trillion (US$96 million) traded on the two markets.
Afternoon trade starts at 1pm.
