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VN stocks rise on earnings hopes
Vietnamese shares climbed to a 12-week high on Tuesday as investors remained upbeat about the earnings prospects of financial-banking companies.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 1.17 per cent to end at 869.13 points – its highest level since March 6.
The VN-Index has increased by a total of 1.92 per cent in the past two trading days.
The minor HNX-Index on the Ha Noi Stock Exchange rose 1.23 per cent to close at 110.49 points, making for three-day growth of 4.49 per cent.
More than 393.4 million shares were traded on the two exchanges, worth VND6.3 trillion (US$271.7 million).
Positive market sentiment boosted most sector indices, with the banking, insurance and securities industries among the best-performing on Tuesday.
The three sector indices advanced 2.4 per cent, 3.6 per cent and 4.1 per cent, respectively, according to vietstock.vn, on the firms’ second-quarter earnings prospects.
Gainers in the three industries included SSI Securities (SSI), HCM City Securities (HCM), Bank for Investment and Development of Vietnam (BID), VNDirect Securities (VND), MB Securities (MBS) and insurer Bao Viet Holdings (BVH).
Other sectors such as rubber, building materials, construction, plastics and chemicals, mining and energy, and retail also had good gains.
Other Asian stock markets also advanced on Tuesday on hope for a coronavirus cure and the re-opening of global economies.
According to Thanh Cong Securities (TCSC), good market growth and high trading liquidity showed market sentiment is still positive and investors are willing to participate in the market.
“The last two-day increase shows the VN-Index will likely extend its growth further,” TCSC said, while corporate earnings will remain one of the main driving factors on the market.
“But a correction will happen anytime soon as the market has kept rallying for the last two months,” the brokerage firm added.
The VN30 futures, which mature in June, added 27.4 points to end Tuesday at 809.4 points. Its underlying index VN30 rose 7.76 points to 815.01 points.
“The gap of nearly five points between the VN30 futures and the large-cap tracker VN30-Index indicates investors still believe in a potential correction,” Sai Gon-Ha Noi Securities (SHS) said in its daily report.
In the next day, the VN-Index may keep rising to test 880 points while its short-term bottom will be 840 points, SHS forecast.
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