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VN stocks up from two-day fall
Vietnamese shares yesterday rebounded from a two-day decline on both local markets before the national holidays as blue chips were boosted by higher investor confidence.
The benchmark VN Index gained 1.1 per cent to close the week at 598.37 points, recovering all loss during the previous two sessions.
The HNX Index on the Ha Noi Stock Exchange advanced 0.5 per cent to end at 80.68 points, bouncing back from a decline of 0.9 per cent in two days.
"Higher investor confidence in large-cap stocks boosted local markets yesterday after the Prime Minister at a meeting promised to give local companies solutions to their problems," Bao Viet Securities Corp (BVSC) wrote in its report.
Higher investor confidence picked up insurance companies and banks. Insurer Bao Viet Holdings (BVH) and BIDV Insurance Corp (BIC) led the insurance sector by surging 5.2 per cent and 6.9 per cent, respectively.
Among banks, the Bank for Investment and Development of Viet Nam (BID) jumped 6.1 per cent, while Vietinbank (CTG), Asia Commercial Bank (ACB) and Sai Gon-Ha Noi Bank (SHB) were up between 1.1 per cent and 2.5 per cent.
Two big companies in the agricultural sector, Hoang Anh Gia Lai JSC (HAG) and HAGL Agricultural JSC (HNG) continued their recent good form. These stocks added 1.3 per cent and 3.7 per cent at the end of the trading session, respectively.
Higher investor confidence also bolstered property developers as banks would consider reducing interest on their loans and tighten their policies at a slower pace to avoid creating problems for businesses, BVSC said.
The property sector was driven up by Vingroup JSC (VIC), Phat Dat Real Estate Development JSC (PDR) and Sai Gon Thuong Tin Real Estate Corp (SCR). VIC gained 1 per cent, PDR increased by 2.9 per cent and SCR was up 1.1 per cent.
The markets were also supported by companies with good performances in the first quarter of this year compared to last year's figures.
Food producer Masan Group (MSN) bounced 1.4 per cent from Thursday's fall after the company announced an increase of 76 per cent in pre-tax profits over a year to VND1.63 trillion (US$72.5 million).
Market liquidity rose sharply after the central bank cut its daily reference mid-point rate by VND30 to VND21,842 for a US dollar. Both local bourses exchanged 161.7 million shares worth VND2.95 trillion, an increase of 24 per cent from Thursday's trading value.
The national stock markets will be closed on the first two trading days next week due to Liberation Day and May Day.
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