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VN stocks rise for a second day
Vietnamese shares extended gains for a second day on both local markets yesterday, led by blue chips in property, finance and energy sectors.
The benchmark VN Index on the HCM Stock Exchange advanced 2.9 per cent, the strongest growth during nearly three months, to finish at 592.48 points. The southern index has jumped 4.3 per cent in the last two sessions.
The HNX Index on the Ha Noi Stock Exchange rose 1.6 per cent, the highest increase in the last nine trading weeks, to end at 80.94 points. The northern index has added 2 per cent in the last two days.
"Surges in blue chips, or large-cap shares in energy, property and financial sectors, helped boost local markets yesterday," Bao Viet Securities Corp (BVSC) wrote in its report.
Strong foreign purchases helped boost the financial sector, including banks and insurance companies yesterday.
Among banks, Vietcombank (VCB), the Bank for Investment and Development of Viet Nam (BID), Vietinbank (CTG) and Sai Gon-Ha Noi Bank (SHB) surged 6.5 per cent, 6.9 per cent, 5 per cent and 3.2 per cent, respectively.
Among insurance companies, Bao Viet Holdings (BVH) jumped 4.7 per cent. The gain of BVH helped pull other firms up such as BIDV Insurance Corp (BIC) and PVI Holdings (PVI), which rose 2.5 per cent and 1.6 per cent, respectively.
In the property sector, the largest companies like Vingroup JSC (VIC), Kinh Bac City Development Share Holding Corp (KBC), Hoang Anh Gia Lai JSC (HAG) and Tan Tao Investment Industrial JSC (ITA) also saw big increases in their value.
VIC rocketed up 5.8 per cent, KBC gained 1.6 per cent, HAG added 2.9 per cent and ITA advanced 2.2 per cent.
Additionally, energy stocks continued their upward trend after oil prices extended rallies and as investor confidence improved on expectations that the Organisation of Petroleum Exporting Countries (OPEC) will hold talks in May on a production freeze.
US crude West Texas Intermediate (WTI) edged up 0.5 per cent to trade at US$43.39 a barrel, rallying 9.1 per cent in four days.
London-traded Brent crude rebounded 0.4 per cent from Thursday's fall to trade at $44.72 a barrel.
Viet Nam's energy stocks, including PetroVietnam Gas Corp (GAS), PetroVietnam Technical Service Corp (PVS) and PetroVietnam Drilling and Well Service Corp (PVD) jumped between 3.8 per cent and 4.2 per cent.
Market liquidity increased strongly compared to Thursday's numbers. Both local markets traded more than 192.6 million shares worth VND3.4 trillion (US$150.6 million), 54 per cent higher than Thursday's trading value.
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