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Resurgent economy boosts shares
Shares continued to add value during yesterday's session, boosted by positive economic information.
Credit growth in the first five months of this year reached 2.3 per cent, while inventories as of May 1 declined 0.8 per cent compared to the same period last year.
Although the trade deficit this month hit US$2 billion, it indicated that production recovered. Notably, over 7,200 enterprises were established in May.
After banking deposit rates were lowered to 6 per cent this year, securities firms have reduced their margin lending rates to around 15-17 per cent.
Senior economist Le Xuan Nghia was optimistic about the economy. "From the research available, I think the economy is recovering from the first quarter's ailing situation," he said.
The VN-Index on the HCM City Stock Exchange gained 2.4 per cent to 512.41 points.
Gainers outnumbered losers by 194-37.
Trading value was at a relatively high level, totalling VND1.45 trillion ($69 million) on a volume of 93.3 million shares.
Blue chips performed well. None of the 30 leading shares tracked by the VN30 declined, while only two finished the session unchanged - Vietinbank (CTG) and Eximbank (EIB).
Shares rallying between 3-6 per cent included insurer property developers Hoang Anh Gia Lai (HAG) and Vingroup (VIC), PetroVietnam Drilling Services (PVD) and Vietcombank (VCB).
The VN30 reached 574.82 points, a 1.95 per cent increase.
On the Ha Noi Stock Exchange, the HNX-Index rose nearly 1.5 per cent to 63.53 points.
Market value and volume fetched VND677.18 billion ($32.2 million) with more than 80.3 million shares.
The HNX30, representing the northern bourse's top shares, also grew by 2.8 per cent to 122.79 points.
Foreign investors concluded yesterday as buyers on both exchanges, picking up a net value of VND31.2 billion ($1.4 million).
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