Vietnamese shares were mixed on local markets on March 30 as investor confidence rose after the US central bank’s latest statement on its policy tightening plan.
Hanoi (VNA)𒅌 - Vietnamese shares were mixed on local markets on March 30 as investor confidence rose after the US central bank’s latest statement on its policy tightening plan.
The benchmark VN Index on the HCM Stock Exchange rebounded 0.3 percent to close at 569.91 points, while the HNX Index on the Hanoi Stock Exchange dropped 0.4 percent to decline by 1.2 percent in the last two sessions.
Investor confidence improved, along with gains on global stock markets after the US central bank announced it will take careful measures in raising its interest rates due to the slowdown of the world’s economy, Bao Viet Securities Corporation (BVSC) wrote in its daily report.
The improved investor confidence helped boost local large-cap financial stocks, including banks and brokerage firms.
In the banking sector, Vietcombank (VCB) inched up 0.2 percent, Vietinbank (CTG) rose 0.6 percent and Sacombank (STB) added 2 percent.
Among brokerage companies, Saigon Securities Incorporation (SSI) was up 1 percent, Bao Viet Securities Corporation (BVS) advanced 2 percent and Saigon-Hanoi Securities Corporation (SHS) rose 1.5 percent.
Following the US central bank’s message, the US dollar got weaker against other currencies, including the Vietnamese dong. On March 30, Vietnam’s central bank sent its reference mid-point rate for exchange trading bands by 11 VND to 21,878 VND per dollar. The mid-point rate has fallen 13 VND since March 28 on expectations that the US central bank will make rate hikes at a slower pace this year.
Additionally, crude rebounded from a four-day slump as the US dollar weakened on the global exchanges.
The US benchmark crude West Texas Intermediate (WTI) rose 1.7 percent to trade at 38.91 USD a barrel, and London-traded Brent crude added 1.4 percent to trade at 39.68 USD a barrel.
US crude fell 7.6 percent during the previous four trading days and Brent dropped 6.3 percent.
The gains in global oil prices picked up energy stocks such as PetroVietnam Coating Corporation (PVB), PetroVietnam Drilling and Well Service Corporation (PVD) and PetroVietnam Technical Service Corporation (PVS), which rose 0.4 percent and 0.6 percent.
Other big stocks such as dairy firm Vinamilk (VNM), confectionery producer KIDO Group (KDC), and plastic and rubber company Tien Phong Plastic JSC (NTP) also helped raise the markets.
VNM added 1.5 percent. KDC was up 1.3 percent and NTP gained 2.1 percent.
On the opposite side, other stocks declined and held markets back. Among them, Hung Vuong Corporation (HVG) dropped 0.9 percent, insurer Bao Viet Holdings (BVH) fell 1 percent, BIDV Insurance Corporation (BIC) lost 1.8 percent and the Asia Commercial Bank (ACB) slumped 4.3 percent.
Both local markets on March 30 traded more than 136.4 million shares worth 2.76 trillion VND (122.8 million USD), a decrease of 13.5 percent from previous day’s trading value.-VNA
Vietnamese shares retreated on March 24 on both local markets from gains on the day earlier as energy stocks declined on lower oil prices and banks fell on low investor confidence.
Vietnamese shares advanced on both local exchanges on March 28 as energy firms rose on higher oil prices and other companies gained on expectations for better earnings this year.
Vietnamese shares retreated on both local markets on March 29 as investors cautiously awaited speeches given by the US central bank on the interest rate outlook this year.
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Illustrative image (Source: VNA)
