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VN shares up after investor rules clarified
Vietnamese shares rose on both local markets yesterday after the Government clarified investment conditions for overseas investors in local firms.
The benchmark VN Index on the HCM Stock Exchange gained 1.1 per cent to close at 576.29 points, extending a rally of 2.1 per cent during the last four days.
The HNX Index on the Ha Noi Stock Exchange was up 1 per cent to end at 78.61 points, ending a two-day losing streak of 0.6 per cent.
"The stock market rose as the biggest stocks received strong inflow from foreign investors after the Ministry of Planning and Investment finally issued the regulatory requirements to help foreign investors who want to increase capital in Vietnamese companies," Sai Gon Ha Noi Securities Corporation (SHS) wrote in a report.
Foreign investors had been confused since June 26 when the Ministry of Finance allowed them to raise capital in local companies, but they did not know in which companies they could boost capital due to unclear Government rules.
The biggest gainers among 20 sectors on the stock market included the insurance sector, property sector, and the banking sector.
The insurance sector index rose 3.1 per cent with five of seven insurers making gains, including Bao Viet Holdings (BVH), which jumped 3.9 per cent, and Bao Minh Insurance Corporation (BMI), which rose 2.8 per cent.
The property sector index surged 3.5 per cent yesterday, led by the biggest stocks such as Vingroup JSC (VIC), which added 4.6 per cent, and FLC Group (FLC), which advanced 2.6 per cent.
The banking sector index was up 2.4 per cent, led by Vietcombank (VCB), which jumped 3.5 per cent, the Bank for Investment and Development of Vietnam (BIDV), which gained 2.5 per cent, and Vietinbank (CTG), which increased by 2.1 per cent.
The stock market traded more than 151 million shares worth VND2.3 trillion (US$102.7 million), a decrease of 13.4 per cent from Monday's trading value.
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