Hanoi (VNA) - Vietnamese shares rose on both local markets on January 12, snappi🌳ng a three-day decline, led by large-cap stocks.
The benchmark VN Index on the HCM Stock Exchange rose 1.2 percent to close at 564.26 points. The southern index dropped 2.9 percent in the previous three sessions.
The HNX Index on the Hanoi Stock Exchange gained 0.7 percent to end at 76.65 points. The northern index lost 3.3 percent in the previous three days.
The gains yesterday were sparked by investor expectations that the recent drop in large-cap stocks had made them attractively cheap, Sai Gon - Hanoi Securities Corporation (SHS) wrote in a report.
Those large-cap stocks included dairy firm Vinamilk (VNM), which gained 1.7 percent after dropping 4 percent the previous three sessions and software producer FPT Corporation (FPT), which added 2.2 percent after slumping 4.2 percent, and food and beverage producer Masan Group (MSN), which was up 0.7 percent after losing 1.9 percent in the two previous days.
Financial firms made big gains, with the banking sector index up 1.4 percent, the insurance sector index rising 2.7 percent and the brokerage sector index jumping 3.4 percent after the Vietnamese dong strengthened on the inter-bank market. Banks traded the dollar at around 22,430 VND, a decrease of 40 VND from the previous day.
Rising financial stocks included Saigon Securities Incorporate (SSI), which jumped 4 percent, HCM City Securities Corporation (HCM), which surged 6.4 percent, Vietcombank (VCB), which gained 1.9 percent, and insurer Bao Viet Holdings (BVH), which added 2 percent.
On the opposite side, energy stocks continued to be pressured downward by lower crude prices. The US benchmark crude West Texas Intermediate (WTI) extended its fall by 1.5 percent to trade at 30.93 USD a barrel. WTI has dropped 16.5 percent since the end of last year.
Both local exchanges traded more than 166 million shares worth 2 trillion VND (90.2 million USD), a slight increase from the previous day's trading value.-VNA
The stock market will see large improvements on both local markets this year, despite many problems in both local and global economic conditions, said a Vietnam Investment Securities Company analyst.
Vietnamese shares on January 7 pulled back sharply from gains on January 6 on both local bourses as energy stocks were hurt by oil prices hitting new 11-year lows.
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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Illustrative Image (Source: doanhnhansaigon)
