Vietnamese shares extended gains for a third day yesterday, fueled by a sharp rebound of banks and energy companies, as well as a strong recovery in Asian and US markets.
On the Hanoi Stock Exchange, the HNX-Index also edged up 0.7 percent to end at 77.02 points. Photo: VNA
Vietnamese shares extended gains for a third day yesterday, fueled by a sharp rebound of banks and energy companies, as well as a strong recovery in Asian and US markets.
The benchmark VN-Index on the Hochiminh Stock Exchange rose 1.8 percent, to close the session at 555.81 points. On the Hanoi Stock Exchange, the HNX-Index also edged up 0.7 percent to end at 77.02 points.
"The Vietnamese market is still being affected by global financial volatility," said Nguyen Xuan Binh, an analyst at brokerage Bao Viet Securities Co.
Global stock markets have bounced back from sharp declines at the beginning of this week. China's main stock index jumped 5.3 percent on August 27 after the Dow Jones Industrial Index gained almost 4 percent on the previous day, the highest jump in the past four years.
However, the VN-Index is still down almost 10 percent since August 11, when China first devalued its currency, while the HNX-Index has slumped 8 percent.
The overall market condition was positive yesterday with 43 percent of a total 674 stocks in the two markets advanced while less than 20 percent declined.
Oil and gas companies lead the gainers on August 27.
The second biggest company by market capitalization, PV Gas (GAS), hit the daily limit of a 7 percent rise for a second day on HCM City's exchange to 44,400 VND (1.97 USD) a share. Its trade accounted for 7 percent of total market's size while its market capitalisation reached over 84.1 trillion VND (3.7 billion USD).
It suffered a five-day fall before a rebound on August 26, following the rebound of global oil prices. US crude oil bounced 2.2 percent to 39.45 USD a barrel on August 27 while Brent added 2.3 percent to 44.11 USD.
Apart from GAS, PetroVietnam Drilling and Wells Service (PVD) also increased over 5 percent.
Banks also performed well yesterday as six of nine listed banks gained value. Vietinbank (CTG) was the biggest gainer with a 3.7 percent increase.
Liquidity jumped yesterday with a total of over 191 million shares worth 2.63 trillion VND (116.9 million USD) being traded on the two exchanges, higher than the monthly average in August of 138 million shares and 1.12 trillion VND (49.8 million USD).
According to Tran Nhat Nam, director of E-Securities Department at Techcombank Securities Co, the market will be volatile and unpredictable in the next one to three months as investors eye the forex policy, despite the reassurance of the central bank that it will not make any further depreciation of the dong this year.-VNA
Saigon Port Company Limited will sell some 35.7 million shares to VietinBank and VPBank, which it plans to select as its strategic investors, during an auction on August 28.
Vietnamese shares joined those on other Asian markets on August 24 as they experienced the hardest fall since the beginning of the year, dragged down by the latest Chinese stock rout.
Vietnamese shares were volatile on August 25, but ended higher as bargain hunters helped the market regain part of Monday (August 24)'s big loss, although the global situation has yet to improve.
Shares rose on August 26 on the two Vietnamese exchanges, prompted by an improvement in investor confidence, although shares across Asia were mixed after a fresh rate cut by the People's Bank of China
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On the Hanoi Stock Exchange, the HNX-Index also edged up 0.7 percent to end at 77.02 points. Photo: VNA
