VCB and MSN drive market up
Vietnamese shares ended up on August 26, driven by Vietcombank (VCB) and consumer goods producer Masan Group (MSN) after those two firms announced plans that would benefit shareholders.
Investors follow market moves at An Binh Securities Co (Source: VNA)
The benchmark VN Index on the Ho Chi Minh Stock Exchange rebounded 1.4 percent from the previous day’s decline to finish the week at 667.75 points, up 0.8 percent from the previous week.
The HNX Index on the Hanoi Stock Exchange rose another 0.7 percent to end at 83.93 points, rallying 1.5 percent in four days. Overall, the northern market index increased by 1 percent over a week.
Vietcombank (VCB) surged 6.5 percent after the bank planned to issue nearly 933 million bonus shares for investors with the rate of 35 percent or 35 bonus shares for every 100 shares owned by investors.
The issuance of bonus shares could help boost Vietcombank on the stock market in the coming trading days, thus bringing the market upwards as Vietcombank is the second largest stock by market capitalisation, Bao Viet Securities Corp said in a note on August 25.
The sharp rise of VCB increased the bank’s market capitalisation to more than 153.2 trillion VND (6.8 billion USD).
Masan Group (MSN) said in a statement on August 25 that it would buy back a maximum of 20 million shares for treasury within one month from September. MSN closed up 2.4 percent the following day.
Foreign investors remained net sellers on “cautiousness ahead of the US central bank’s chairwoman on the US rate hike plan,” Bao Viet Securities Company said in a note.
“Foreign investors have sold a net value of 90 million USD since the beginning of August. They previously remained net sellers in the five weeks before the December rate hike.”
More than 156.4 million shares were exchanged worth 2.86 trillion VND, a decrease of 4.7 percent from the previous day’s trading value.-VNA
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