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VN-Index stops declining, tech shares jump on earnings report
Vietnamese shares headed upwards Thursday, driven by the hunt of technology and banking stocks and positive status of the US-China trade relations.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) rose 0.70 per cent to close at 976.07 points, marking its strongest daily growth since August 21.
The VN-Index had lost total 0.50 per cent in the previous two trading days and total 1.50 per cent since the end of August.
More than 141.3 million shares were traded on the southern bourse, worth VND3.26 trillion (US$140.5 million).
Technology and banking sectors were the two best-performers as investors shifted their attention following announcements.
The tech sector index jumped 4.3 per cent – the highest of all sector indices – after its largest firm by market capitalisation FPT Corporation (FPT) announced the August revenue and profit were up 17 per cent and 30 per cent yearly, respectively, to VND2.3 trillion and VND454 billion.
After eight months of the year, FPT Corp posted a total gain of 21 per cent in revenue and 28 per cent in profit yearly, which reached VND17 trillion and VND3 trillion, respectively, FPT Corp announced on Thursday.
The eight-month results have beaten FPT Corp’s full-year targets by 4.2 per cent and 10.9 per cent, respectively, the company added.
FPT Corp shares on Thursday jumped 4.4 per cent to end the day at VND56,500 ($2.43) per share – the new high since the firm’s HoSE debut in mid-December 2006.
Attention was also shifted to local banks as their shares were boosted by share buyback plans and asset sales.
HDBank shares (HDB) gained 1.2 per cent after the bank revealed a plan to buy back 49 million shares as treasury shares.
Before HDBank, VPBank (VPB) had announced it would purchase 50 million shares in the fourth quarter. The bank shares on Thursday increased by 2 per cent.
Vietinbank shares (CTG) rose 1.8 per cent, contributing to a two-day rise of 2.1 per cent on expectations the bank will sell some of its bad debt collaterals.
The market sentiment was cushioned by positive comments from both the US and China, which showed their willingness to keep the trade war from escalating, according to Sai Gon-Ha Noi Securities (SHS).
Large-cap, mid-cap and small-cap indices on the southern bourse all increased with growth ranging from 0.67 per cent to nearly 1 per cent, data on HoSE showed.
Other sectors that saw firm shares advance included insurance-finance (up 2 per cent), mining and energy (up 1.6 per cent), retail (up 1.3 per cent), building materials (up 2 per cent) and rubber (up 2.3 per cent).
Among those companies, shares of retailer Mobile World Investment Corp (MWG) was up 1.5 per cent to close at VND116,800 per share.
SHS said in its daily report that the VN-Index may continue rising in the next trading days if good news about companies are delivered and the market demand is strong enough to boost the market trading liquidity above the 20-day average, or the market growth is just short-lived and technical.
On the Ha Noi Stock Exchange, the HNX-Index soared 0.94 per cent to end at 101.11 points. The northern market index inched up 0.20 per cent on Wednesday.
More than 25.8 million shares were traded on the northern market, worth VND406.3 billion.
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