Vietnamese shares rose on both local exchanges, ending a three-day losing streak, after financial firms got a boost from the US central bank's decision not to raise lending interest rates.
Investors watch market fluctuations on the VNDirect stock trading floor in Hanoi. (Source: VNA)
Vietnamese shares on October 29 rose on both local exchanges, ending a three-day losing streak, after financial firms got a boost from the US central bank's decision not to raise lending interest rates.
The benchmark VN Index on the HCM Stock Exchange jumped 1.5 percent to close at 605.20 points and the HNX Index on the Hanoi Stock Exchange rose 1 percent to end at 82.01 points.
The financial sector, made up of banks, brokerage firms and insurers, saw gains after the US central bank on October 28 night decided to keep interest rates unchanged near zero percent until its December meeting.
The US central bank's decision may put less pressure on the Vietnamese dong and Vietnam's central bank to depreciate the dong further like it did in August.
The banking industry index was up 1 percent, the brokerage index jumped 1.9 percent and the insurer index surged 4 percent.
The biggest financial stocks, such as Vietcombank (VCB), the Bank for Investment and Development of Vietnam (BID), Bao Viet Holdings (BVH) and Saigon Securities Incorporate (SSI) increased by 1.3 percent, 0.8 percent, 4.4 percent and 1.7 percent, respectively.
The energy stock index rose sharply by 0.9 percent after the US benchmark crude West Texas Intermediate (WTI) surged 6.3 percent on October 28 to trade at 45.94 USD a barrel and the Brent crude jumped 4.8 percent to trade at 49.05 USD a barrel.
Among energy stocks, the biggest winners were Petroleum Equipment Assembly & Metal Structure JSC (PXS), PetroVietnam Technical Services Corporation (PVS) and Drilling PetroVietnam Mud Drilling JSC (PVC) which jumped about 2 percent each.
Other energy stocks made smaller gains such as PetroVietnam Gas Corporation (GAS) and PetroVietnam Drilling & Well Services Corporation (PVD) that inched up 0.9 percent and 0.8 percent, respectively.
The market also saw significant improvements in some large stocks such as Vinamilk (VNM) and Vingroup Corporation (VIC).
VNM surged 4.4 percent after it reported an increase of 55 percent in quarterly net profit from the same period of last year to 2.1 trillion VND (95 million USD).
Both local exchanges traded more than 138 million shares, worth 2.54 trillion VND (113 million USD), a decrease of 6.5 percent from October 28.-VNA
Vietnamese shares on October 26 dropped on the two local exchanges, ending a two-day winning streak, led lower by brokerage firms suffering lower third quarter profits.
Vietnamese shares were little changed on both local exchanges on October 27 amid concern that an oversupplied property market may undermine on real estate company profits.
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With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
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A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
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Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
Investors watch market fluctuations on the VNDirect stock trading floor in Hanoi. (Source: VNA)
