Stocks recover on global moves
Stocks recover on global moves
The benchmark VN Index on the HCM Stock Exchange gained 0.35 per cent to close at 710.04 points. Viet Nam’s key index had lost total 1.3 per cent in the previous four sessions.
The smaller HNX Index on the Ha Noi Stock Exchange rose 0.79 per cent to end at 88.55 points, putting an end to a two-day decline of 1.1 per cent.
More than 194.3 million shares were traded on the two local bourses, worth VND4.02 trillion (US$178.9 million).
Market trading volume increased slightly from Tuesday while market trading value rose 5.4 per cent.
Companies in 17 of the 20 sectors in the Vietnamese stock market saw their share prices increase. Two-thirds of the stocks in the VN30 Index, which tracks the performance of the 30 largest companies by market capitalisation, advanced.
The industries with the best growth included banks, brokerage firms, energy producers, construction companies and agriculture businesses.
In the banking sector, MBBank (MBB) increased by 1 per cent and Sacombank (STB) was the strongest gainer, hitting its daily trading limit of 6.8 per cent.
MBBank yesterday announced at its annual shareholder meeting that its first-quarter pre-tax profit was estimated at VND1.05 trillion, a yearly increase of 22 per cent, and the bank targeted a pre-tax profit for 2017 of VND4.5 trillion.
The brokerage sector was driven up by Sai Gon-Ha Noi Securities (SHS), Sai Gon Securities (SSI), MB Securities (MBS) and HCM City Securities (HCM).
Among those companies, SHS yesterday organised its annual shareholder meeting, in which it targeted a 42 per cent increase in pre-tax profit for 2017 and paying an 8 per cent dividend for last year’s performance.
The energy sector was boosted by an increase of global oil prices on Tuesday. Brent crude ended Tuesday trading at $52.1 a barrel, up 1 per cent from the previous session.
The stock market had the most positive session so far this week along with increased trading liquidity, BIDV Securities (BSC) said in a report.
With the VN Index topping 710 points, investor confidence would be bolstered, despite the market lacking supportive information, BSC said.
