Vietnamese shares up after investor rules clarified
Vietnamese shares rose on both local markets on December 29 after the Government clarified investment conditions for overseas investors in local firms.
Illustrative image (Source: VNA)The benchmark VN Index on the HCM Stock Exchange gained 1.1 percent to close at 576.29 points, extending a rally of 2.1 percent during the last four days.
The HNX Index on the Hanoi Stock Exchange was up 1 percent to end at 78.61 points, ending a two-day losing streak of 0.6 percent.
"The stock market rose as the biggest stocks received strong inflow from foreign investors after the Ministry of Planning and Investment finally issued the regulatory requirements to help foreign investors who want to increase capital in Vietnamese companies," Saigon-Hanoi Securities Corporation (SHS) wrote in a report.
Foreign investors had been confused since June 26 when the Ministry of Finance allowed them to raise capital in local companies, but they did not know in which companies they could boost capital due to unclear Government rules.
The biggest gainers among 20 sectors on the stock market included the insurance sector, property sector, and the banking sector.
The insurance sector index rose 3.1 percent with five of seven insurers making gains, including Bao Viet Holdings (BVH), which jumped 3.9 percent, and Bao Minh Insurance Corporation (BMI), which rose 2.8 percent.
The property sector index surged 3.5 percent on December 29, led by the biggest stocks such as Vingroup JSC (VIC), which added 4.6 percent, and FLC Group (FLC), which advanced 2.6 percent.
The banking sector index was up 2.4 percent, led by Vietcombank (VCB), which jumped 3.5 percent, the Bank for Investment and Development of Vietnam (BIDV), which gained 2.5 percent, and Vietinbank (CTG), which increased by 2.1 percent.
The stock market traded more than 151 million shares worth 2.3 trillion VND (102.7 million USD), a decrease of 13.4 percent from the trading value on December 28.-VNA
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