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Automobile distributors boost VN shares
Vietnamese shares rose on both local exchanges this morning, led by the sharp growth in automobile stocks.
Both the benchmark VN Index on the HCM Stock Exchange and the HNX Index on the Ha Noi Stock Exchange gained 0.2 per cent to close at 599.59 points and 81.45 points, respectively.
Automobile companies, especially auto-part distributors, led the market growth following positive news about their quarterly earnings.
Automobile stocks, such as Hang Xanh Motors Service JSC (HAX), TMT Automobile JSC (TMT) and Truong Long Auto and Technology JSC (HTL), rose seven per cent each.
Other auto-part stocks such as Saigon General Service Corporation (SVC) rallied 2.8 per cent, while Sao Vang Rubber JSC (SRC) increased by six per cent.
The stock market was also boosted by real estate stocks such as An Duong Thao Dien JSC (HAR), which gained 6.6 per cent, Kinh Bac City Development Shares Holding Corporation (KBC), which rose 2.1 per cent, and FLC Group (FLC), which jumped 2.9 per cent.
FLC was also the most active stock with more than 3.5 million of its shares being traded.
Energy firms rose slightly after the American benchmark crude slightly increased overnight from Tuesday.
PetroVietnam Gas Corporation (GAS) and PetroVietnam Drilling and Well Services Corporation inched up 0.4 per cent and 0.3 per cent, respectively, and Petroleum Equipment Assembly and Metal Structure (PXS) was up 0.7 per cent.
Both local exchanges traded more than 89 million shares, worth VND1.46 trillion (US$64.8 million).
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