Investors at Vietcombank Securities Company (Photo: VNA) Hanoi (VNA) - Vietnamese stocks advancedon the two local markets on May 9 as large-cap shares were boosted byinvestors’ bargain hunting.
The benchmark VN Index on the HCM Stock Exchangeadded 0.45 percent to close at 722.11 points. The major stock index had dropped0.4 percent in the previous two days.
The smaller HNX Index on the Hanoi Stock Exchangegained 1.39 percent to end at 90.37 points, rebounding from a fall of 0.6 percenton May 8.
Market trading liquidity remained high with morethan 283 million shares traded, worth 5.14 trillion VND (228.6 million USD).
Large-cap stocks recovered after declining in theprevious sessions, with two-thirds of the 30 largest companies by marketcapitalisation gaining.
Substantial gains were seen by property developersTan Tao Investment Industry (ITA), Kinh Bac City Development Holding (KBC), SaiGon Securities (SSI), information technology giant FPT Corp (FPT) andVietcombank (VCB).
The property firms moved up between 2 percent and4.2 percent.
Among the 30 largest firms, Hoang Anh Gia Lai(HAG) and its subsidiary Hoang Anh Gia Lai Agriculture International (HNG)jumped 4.7 percent and 5.9 percent, respectively, after they had fallen 9.8 percentand 10.9 percent in the previous two sessions.
The management board of Hoang Anh Gia Lai plans toissue 137.5 million shares to convert 1.1 trillion VND worth of convertiblebonds at a price of 8,000 VND per share in May.
The convertible bonds were issued by Hoang Anh GiaLai to Northbrooks Investments Pte Ltd, an investment arm of theSingapore-based Temasek Holdings Ltd, in August 2010.
Other large-cap stocks such as Vicostone (VCS),Asia Commercial Bank (ACB) and insurance-finance firm PVI Holdings (PVI) alsorecovered.
Higher global oil prices on the day also helpedlocal energy stocks increase as the Organisation of Petroleum ExportingCountries and other exporters planned to extend an output cut agreement to theend of 2017.
In the energy sector, PetroVietnam Gas (GAS) rose1.1 percent, PetroVietnam Technical Services (PVS) increased by 1.2 percent andPetroVietnam Mud Drilling (PVC) advanced 2.8 percent.
Sai Gon-Hanoi Securities (SHS) said in its reportthat the growth in the stock market on May 9 was boosted by investors’purchases of low-priced shares.
Positive signs were also seen as gaining stocksoutnumbered declining ones by 263 to 194, SHS said, adding that in currentmarket conditions, the VN Index could continue rising on May 10 to approach 723points.- VNA
VNA
