Banks push VN Index to new high
Vietnamese shares rose for a second day on both local exchanges on March 24, driven by banking-finance and energy stocks following speculations on a local bank’s divestment from its sub unit and slight increase in oil prices.
An investor watches stock movements (Source: tinnhanhchungkhoan.vn)
Hanoi (VNA) - Vietnamese shares rose for a second day on both local exchanges on March 24, driven by banking-finance and energy stocks following speculations on a local bank’s divestment from its sub unit and slight increase in oil prices.
The benchmark VN Index on the HCM Stock Exchange edged up 0.4 percent to close at 722.14 points, reaching a fresh ten-year high. The southern market index has gained a total of 1.3 percent in the last two days.
The HNX Index on the Hanoi Stock Exchange advanced 1.6 percent, the highest daily growth since January 3, to end at 91.37 points. The northern market index has increased by a total of 1.8 percent after two sessions.
The March 24 gains also helped the VN Index and the HNX Index finish up 1.6 percent and 3.4 percent, respectively, compared to the previous week’s closing levels.
Market trading liquidity remained high with more than 283.7 million shares being exchanged, worth 5.25 trillion VND (233.5 million USD). The trading figures rose sharply from the previous day’s numbers.
The market on March 24 was driven up by banking-financial stocks and energy shares, followed by other sectors such as food and beverage producers.
Saigon-Hanoi Bank (SHB) led the banking sector’s growth, hitting the daily trading growth limit of 9.6 percent on speculations that the bank may sell nearly half of its ownership in the joint financial arm to foreign investors.
Among other bank stocks, Asia Commercial Bank (ACB) and Bank for Investment and Development of Vietnam (BID) were up 2.4 percent and 2.6 percent, respectively, and Vietinbank (CTG) and MBBank (MBB) added 1.1 percent and 1.6 percent.
Brokerage and insurance companies also performed well, including insurance-finance group Bao Viet Holdings (BVH), MB Securities Company (MBS), Saigon Securities Inc (SSI) and VNDirect Securities Corp (VND).
Energy stocks also had a good trading day on a slight increase in global oil prices. Brent crude went up 0.6 percent to trade at 50.85 USD a barrel after having slid 2 percent in the previous three sessions.
Among local energy stocks, PetroVietnam Gas Corp (GAS) added 2.4 percent, PetroVietnam Drilling and Well Services Corp (PVD) were up 0.5 percent and PetroVietnam Technical Services Corp (PVS) rose by 1.1 percent.-VNA
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