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Vietnamese shares advance despite Fed's interest rate hike
Vietnamese shares rose this morning, despite the United States Federal Reserve's decision to raise the key interest rate from the 0-0.25 per cent range to the 0.25-0.5 per cent range.
On the HCM Stock Exchange, the VN-Index advanced 0.65 per cent to close at 576.26 points.
The HNX-Index on the smaller exchange in Ha Noi increased a more modest 0.2 per cent to end at 79.32 points.
Many stock analysts said the Fed decision was good news for the market as this expectation had been already reflected in the recent market downturn and more importantly, it would curb investor anxiety about the impact of this event.
Bank stocks led the market rise, as seven of the nine listed banks rose. Bank for Investment and Development of Vietnam (BID) was the largest gainer with a 3.4 per cent increase, while other large lenders such as Vietcombank (VCB), Vietinbank (CTG) and Sacombank (STB) advanced between 0.6 per cent and 1.7 per cent.
However, energy stocks continued to slide along with major slumps in the global oil prices.
PV Gas (GAS), PetroVietnam Drilling and Wells Service (PVD) and PetroVietnam Technical Service (PVS) edged down 0.8 to 1.4 per cent each.
Liquidity remained modest, however, with just 73 million shares, worth more than VND1.1 trillion (US$49.1 million), being traded on the two markets.
The afternoon session will resume at 1pm.
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