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Mining, auto stocks lift markets
Vietnamese shares rose on both local exchanges yesterday, led by mining companies and automobile firms.
The benchmark VN Index rebounded 0.7 per cent to close at 574.71 points from a three-day fall of 1.4 per cent.
The HNX Index on the Ha Noi Stock Exchange gained 0.3 per cent to finish at 80.57 points, extending a two-day gain of 0.3 per cent.
Mining companies and automobile firms were the factors that lifted both local markets yesterday.
In the mining industry, Bac Giang Exploitable Mineral JSC (BGM) rose 2.9 per cent, Binh Duong Mineral and Construction JSC (KSB) jumped 3.6 per cent and KSH Investment and Development JSC (KSH) surged 5.9 per cent.
Among automobile companies, Truong Long Auto and Technology JSC (HTL), and TMT Automobile JSC (TMT) advanced 6.7 per cent and 6.8 per cent, respectively, while auto part supplier Sai Gon General Service Corporation (SVC) added three per cent.
Viet Nam's central bank on Tuesday proposed that the Government extend the deadline for the disbursement of the housing stimulus package worth VND30 trillion (US$1.3 billion), which aims to help low-income earners buy and rebuild houses. It will expire at the end of May.
Stocks in property developers and construction companies rose on expectations that the Government will approve the central bank's proposal.
The property sector was lifted by FLC Group (FLC), Kinh Bac City Development Share Holding Corporation (KBC) and Sao Mai Group Corporation (ASM), which gained 1.5 per cent, 3.2 per cent and 1.8 per cent, respectively.
Among construction companies, Cotec Construction JSC (CTD) added 2.3 per cent, HCM City Infrastructure Investment JSC (CII) rose 1.7 per cent and Tasco JSC (HUT) increased by one per cent.
Other large-cap stocks also helped raise local indices such as dairy firm Vinamilk (VNM), food and beverage producer Masan Group (MSN) and PetroVietnam Gas Corporation (GAS). These stocks advanced 0.8 per cent, 2.9 per cent and two per cent.
On the opposite side, steel makers such as Hoa Sen Group (HSG) and Hoa Phat Group JSC (HPG) fell as steel prices declined amid a market glut.
Among banks, Vietcombank (VCB) dropped one per cent, the Asia Commercial Bank (ACB) was down 0.6 per cent and Sai Gon-Ha Noi Bank (SHB) declined 1.5 per cent.
Banks also fell as the US dollar continued to strengthen against other currencies on expectations that the US central bank may raise interest rates at a higher speed and the US economy will improve.
Yesterday, Viet Nam's central bank raised its reference mid-point rate for exchange trading bands by VND8 to VND21,861 for a dollar.
Both local markets traded more than 205.3 million shares worth VND2.7 trillion ($120.8 million), a slight increase from Tuesday's trading value.
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