Mining, auto stocks lift markets
Vietnamese shares rose on both local exchanges on March 23, led by mining companies and automobile firms.
The benchmark VN Index on the HCM Stock Exchange gained 0.3 percent to close at 572.81 points, and the HNX Index on the Hanoi Stock Exchange inched up 0.1 percent to end at 80.46 points.(Source:VNA)The benchmark VN Index rebounded 0.7 percent to close at 574.71 points from a three-day fall of 1.4 percent.
The HNX Index on the Hanoi Stock Exchange gained 0.3 percent to finish at 80.57 points, extending a two-day gain of 0.3 percent.
Mining companies and automobile firms were the factors that lifted both local markets on March 23.
In the mining industry, Bac Giang Exploitable Mineral JSC (BGM) rose 2.9 percent, Binh Dương Mineral and Construction JSC (KSB) jumped 3.6 percent and KSH Investment and Development JSC (KSH) surged 5.9 percent.
Among automobile companies, Truong Lon Auto and Technology JSC (HTL), and TMT Automobile JSC (TMT) advanced 6.7 percent and 6.8 percent, respectively, while auto part supplier Saigon General Service Corporation (SVC) added 3 percent.
Vietnam’s central bank on March 22 proposed that the Government extend the deadline for the disbursement of the housing stimulus package worth 30 trillion VND (1.3 billion USD), which aims to help low-income earners buy and rebuild houses. It will expire at the end of May.
Stocks in property developers and construction companies rose on expectations that the Government will approve the central bank’s proposal.
The property sector was lifted by FLC Group (FLC), Kinh Bac City Development Share Holding Corporation (KBC) and Sao Mai Group Corporation (ASM), which gained 1.5 percent, 3.2 percent and 1.8 percent, respectively.
Among construction companies, Cotec Construction JSC (CTD) added 2.3 percent, HCM City Infrastructure Investment JSC (CII) rose 1.7 percent and Tasco JSC (HUT) increased by 1 percent.
Other large-cap stocks also helped raise local indices such as dairy firm Vinamilk (VNM), food and beverage producer Masan Group (MSN) and PetroVietnam Gas Corporation (GAS). These stocks advanced 0.8 percent, 2.9 percent and 2 percent.
On the opposite side, steel makers such as Hoa Sen Group (HSG) and Hoa Phat Group JSC (HPG) fell as steel prices declined amid a market glut.
Among banks, Vietcombank (VCB) dropped 1 percent, the Asia Commercial Bank (ACB) was down 0.6 percent and Saigon-Hanoi Bank (SHB) declined 1.5 percent.
Banks also fell as the US dollar continued to strengthen against other currencies on expectations that the US central bank may raise interest rates at a higher speed and the US economy will improve.
On March 23, Vietnam’s central bank raised its reference mid-point rate for exchange trading bands by 8 VND to 21,861 VND for a dollar.
Both local markets traded more than 205.3 million shares worth 2.7 trillion VND (120.8 million USD), a slight increase from March 22’s trading value.-VNA
You should also see
April 30 Victory – Glorious milestone in national history
The Liberation of the South Day (April 30) is an occasion of great significance for all Vietnamese people. Every year, on this day, when national flags colour streets and every corner with red, the whole country recalls memories of the day to show their gratitude to older generations who devoted their lives for national freedom and independence.
See more
Business
InfographicVietnam posts prominent economic achievements since 1975
Forty-nine years since Reunification Day (April 30, 1975 - 2024), Vietnam has recorded significant progress in its socio-economic development and quality of life for its citizens has continually improved. The scale of its GDP has consistently expanded, reaching approximately 430 billion USD in 2023, making it the fifth-largest economy in ASEAN and 35th among the world’s largest 40 economies.
Business
Kien Giang prioritising agricultural production towards resilience
The Mekong Delta province of Kien Giang is among localities significantly impacted by climate change, particularly drought and saltwater intrusion. In response to these pressing issues, it has prioritised agricultural production with a focus on resilience, developing various production models tailored to its circumstances.
Business
Vietnamese, Chinese, Lao localities promote tourism cooperation
More than 150 representatives from domestic tourism businesses and firms from China’s Yunnan province and Laos’ Vientiane city have shared experience and proposed measures to boost cooperation at a conference held in Sa Pa resort town, the northern province of Lao Cai.
Videos
Businesses bullish on Q2 outlook: GSO
Processing and manufacturing enterprises have forecast better performance in Quarter 2 despite global headwinds posed by conflicts and high production costs, according to a survey by the General Statistics Office of Vietnam.
Business
Four-month public investment disbursement reaches 14.66% of target
The disbursement of public investment in the first four months of this year was estimated to meet 14.66% of the set target and 15.65% of the plan assigned by the Prime Minister, according to the Ministry of Finance.
