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VN stocks gain ground on dairy boost
Vietnamese shares extended gains on both local exchanges, led by dairy corporation Vinamilk after it announced a plan to raise foreign ownership in the company.
The benchmark VN Index on the HCM Stock Exchange and the HNX Index on the Ha Noi Stock Exchange inched up 0.2 per cent each to finish at 577.26 points and 80.06 points.
The VN Index has risen 1 per cent in the last two days while the HNX Index has advanced 1.2 per cent in the last three trading sessions.
Dairy company Vinamilk (VNM) jumped 3.8 per cent yesterday to lift the local exchanges after the company announced it may halt the operations of seven of its business activities in order to raise foreign ownership.
Additionally, natural rubber producers helped lift the markets as rubber price on the Tokyo Commodity Exchange gained 1.5 per cent to trade at 171.4 yen (US$1.53) per kilogramme.
Among those stocks, Dong Phu Rubber JSC (DPR) added 0.3 per cent, Tay Ninh Rubber JSC (TRC) rose 1.2 per cent, Quang Nam Rubber Investment JSC (VHG) was up 1.8 per cent, and Hoang Anh Gia Lai Agricultural JSC (HNG) jumped 3.5 per cent.
Other stocks that also helped boost the markets included property developer Hoang Quan Consulting-Trading-Service Real Estate Corporation (HQC), which jumped 3.2 per cent, and steel company Hoa Sen Group (HSG) and HCM City Infrastructure Investment JSC (CII), which advanced 1.7 per cent each.
On the opposite side, large-cap energy stocks weighed on the markets due to volatile oil prices. US benchmark West Texas Intermediate (WTI) yesterday rebounded 2.7 per cent to trade at $38.87 a barrel from Thursday decline.
Among local energy stocks, PetroVietnam Gas Corporation (GAS) fell 0.5 per cent, and PetroVietnam Drilling and Well Services Corporation (PVD) dropped 1.5 per cent.
Both local markets traded more than 202 million shares worth VND3.1 trillion ($136.7 million), a slight increase from Thursday's trading value.
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