Thursday, August 17, 2017 - 4:49:36

Stocks rebound after fall on February 15

VNA Print

Illustrative Image (Source: internet)

Hanoi (VNA) - Vietnamese shares on February 16 rebounded from a short fall on previous day, as property developers made gains after they reported higher profits last year compared to 2014.

The benchmark VN Index on the HCM Stock Exchange rose 0.8 percent to close at 548.05 points, and the HNX Index on the Hanoi Stock Exchange gained 1.6 percent to end at 77.97 points.

The property sector index was up 0.7 percent with big companies such as FLC Group (FLC), Tan Tao Investment Industrial JSC (ITA) and Kinh Bac City Development Share Holding Corporation (KBC) announcing better profits in 2015 compared to 2014.

For example, FLC Group earned a net profit of 904 billion VND (40 million USD), 2.5 times more than in 2014, while Tan Tao JSC made a net profit of 182 billion VND (8 million USD), an increase of 15 percent from the previous year, and Kinh Bac Corporation earned a net profit of 629 billion VND (28 million USD), nearly double that of 2014.

FLC rose by 6.3 percent, ITA by 2 percent and KBC by 2.5 percent during trading session on February 16.

Other stocks, including Asia Commercial Bank (ACB), financial service provider FIT Investment JSC (FIT), Binh Minh Plastic JSC (BMP) and Tien Phong Plastic JSC (NTP), also helped boost the markets thanks to rising 2015 profit reports.

These stocks rose 2.1 percent, 3.9 percent, 3.3 percent and 2.8 percent, respectively.

In addition, energy stocks extended their gains on higher global crude prices after leading crude exporters Saudi Arabia and Russia agreed to freeze oil production at January levels.

US benchmark crude West Texas Intermediate (WTI) jumped 3.5 percent to trade at 31.12 USD a barrel and London-traded Brent crude surged 6.2 percent to trade at 35.45 USD a barrel.

Energy stocks that made gains included PetroVietnam Gas Corporation (GAS), PetroVietnam Drilling and Well Service Corporation (PVD), and PetroVietnam Technical Service Corporation (PVS), which jumped 4.7 percent, 4.6 percent and 4.2 percent, respectively.

On February 16, Vietnam's central bank raised its reference mid-point rate for exchange trading band by 11 VND to trade at 21,884 VND/US dollar.

Market liquidity continued to rise on both local bourses with a combined 144 million shares worth 1.9 trillion VND (85 million USD) traded, nearly double the trading value on February 15.-VNA

 

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