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Stocks soar on solid earnings
Nearly three quarters of shares on the two national stock exchanges advanced on Tuesday, lifting indices to six-month highs, with investors upbeat on corporate earnings in the first quarter.
Gains on US and other global markets, in combination with better-than-expected corporate earnings, cheered investors, bolstering the market rise, said analysts of FPT Securities Company in their daily report.
On the HCM City Stock Exchange, the VN-Index rose 1.24 per cent to close at 549.12. The value of the day's trades rose by 13 per cent to VND3.2 trillion (US$168.4 million), on a brisk volume of 87 million shares. Ocean Group Company (OGC) nailed down the spot as most-active share, with over 8 million traded.
Investors rushed to buy shares in anticipation of a rally, lifting both blue chips and penny stocks. Banking shares performed strongly, with Eximbank (EIB) and Sacombank (STB) reaching their ceiling prices and Vietcombank (VCB) and Vietinbank (CTG) also rising.
On the Ha Noi Stock Exchange, the HNX-Index closed the session at 184.31, an increase of 2.57 per cent. The market volume reached nearly 44.6 million shares, worth a combined VND1.64 trillion ($86.3 million).
Large caps such as Asia Commercial Bank (ACB), Sai Gon-Ha Noi Bank (SHB) Vinaconex (VGC), Kim Long Securities Company (KLS), and Bao Viet Securities Company (BVS) surged, with KLS the most heavily-traded share on a volume of 2.67 million.
The northern bourse yesterday welcome the first day of trading for Construction Company No.6 (CT6), which closed up at VND30,000 ($1.58) per share with 84,400 shares changing hands.
Foreign investors continued a buying trend, concluding yesterday's trades with a net purchase value of VND150 billion ($7.9 million) on both bourses.
By the end of April, over 160 companies had submitted their first-quarter financial reports to the HCM City Stock Exchange, while over 60 on the Ha Noi bourse had announced their results. Most reflect large profits during the quarter.
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