Shares make gains ahead of third quarter earnings data
After a short pause on October 7, shares advanced on the following day on the two markets as investors readied for the release of companies' third quarter earnings reports.
Illustration photo (Source: tinnhanhchungkhoan.vn)The benchmark VN-Index on the main bourse in HCM City gained over 1.2 percent to close the session at 586.8 points, making up for the 0.3 percent slip on October 7.
On the Hanoi Stock Exchange, the HNX-Index also trimmed losses with an increase of 0.9 percent, ending at 80.4 points on October 8.
Real estate companies attracted a great deal of attention as many of the realty stocks climbed steadily. Of the top 20 property stocks by market value, spanning from 1 trillion VND (44.4 million USD) to 80 trillion VND (3.6 billion USD), 18 gained in value.
FLC Group (FLC), Becamex Infrastructure Development (IJC), Tan Tao Investment Industry (ITA), Hoang Quan Consulting-Trading-Service Real Estate (HQC) and Kinh Bac City Development (IJC) were the biggest gainers with increases of 5-6 percent. These were among the top 10 most active stocks in the HCM City's market on October 8.
FLC was the most active with 12.8 million shares traded, closing up 6 percent at 7,100 VND (0.31 USD) a share.
Most realty stocks increased between 1 percent and 3 percent.
"Real estate and construction companies typically have better earning results at the end of the year since they take more revenues and profits in the accounts," analysts at BIDV Securities Co wrote in a note.
They said the third-quarter earnings would be the focus of the market in October.
Many large-cap stocks also performed well on October 8. Insurer Bao Viet Holdings (BVH), Vietcombank (VCB), logistics Gemadept (GMD), steelmaker Hoa Phat Group (HPG) Vietinbank (CTG) and Sacombank (STB) gained between 3 and 6 percent.
Military Bank (MBB) saw the most foreign trade activity on October 8 as foreign investors bought almost 40.6 million shares worth 643.7 billion VND (28.6 million USD) after foreign holding in this lender increased to 160 million shares. More than 9.3 million MBB shares also changed hands on the stock exchange on October 8, but its price was down 2 percent to close at 15,100 VND (0.67 USD) a share.
Overall market condition was good with 42 percent of trading stocks advancing and 21.5 percent declining.
Liquidity also improved with a total of 247.6 million shares worth 3.7 trillion VND (164.4 million USD) being traded in the two markets in the afternoon, up 25 percent in volume and 14 percent in value over October 7.-VNA
You should also see
Vietnam, China promote judicial cooperation
Minister of Justice Le Thanh Long held talks with his visiting Chinese counterpart He Rong in Hanoi on April 19 to discuss measures to promote judicial cooperation between the two countries.
See more
Business
Hanoi to host Vietnam Medipharm Expo 2024
The 31st Vietnam International Medical and Pharmaceutical Exhibition (Vietnam Medipharm Expo 2024) is scheduled to take place in Hanoi from May 9 to 12, an official of the Ministry of Health (MoH) told a press conference on April 19.
Business
Japan's Takashimaya plans to expand investment in Vietnam
Takashimaya, a Japanese operator of upscale department stores, plans to open a shopping centre in Hanoi in 2026 that will be the company's first new location abroad in eight years, Japanese newspaper Nikkei reported.
Business
Vietnam earns 1.43 billion USD from rice exports in Q1
ietnam in the first quarter of 2024 exported 2.18 million tonnes of rice, earning 1.43 billion USD, an increase of 17.6% in volume and 45.5% in value year on year. Meanwhile, the average export rice price also increased by 23.6% to $653.9 per tonne.
Business
Old loans must endure higher interest rates temporarily: central bank
The average lending interest rate for new loans by commercial banks is reported at around 6.4% per year, a decrease of 0.7 percentage point per year compared to the end of last year. However, borrowers with loans issued before the latest rate adjustment still must pay higher rates, according to the State Bank of Vietnam (SBV).
Business
Vietnam among top domestic infrastructure investors: Ambassador
Vietnam is one of the leading countries in Asia in terms of investment for infrastructure development, allocating 5.7% of its Gross Domestic Product (GDP) to projects in this field, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the United Nations (UN).
