Vietnamese stocks boosted by bargain hunting
Vietnamese stocks advanced on the two local markets on May 9 as large-cap shares were boosted by investors’ bargain hunting.
Investors at Vietcombank Securities Company (Photo: VNA)Hanoi (VNA) - Vietnamese stocks advanced on the two local markets on May 9 as large-cap shares were boosted by investors’ bargain hunting.
The benchmark VN Index on the HCM Stock Exchange added 0.45 percent to close at 722.11 points. The major stock index had dropped 0.4 percent in the previous two days.
The smaller HNX Index on the Hanoi Stock Exchange gained 1.39 percent to end at 90.37 points, rebounding from a fall of 0.6 percent on May 8.
Market trading liquidity remained high with more than 283 million shares traded, worth 5.14 trillion VND (228.6 million USD).
Large-cap stocks recovered after declining in the previous sessions, with two-thirds of the 30 largest companies by market capitalisation gaining.
Substantial gains were seen by property developers Tan Tao Investment Industry (ITA), Kinh Bac City Development Holding (KBC), Sai Gon Securities (SSI), information technology giant FPT Corp (FPT) and Vietcombank (VCB).
The property firms moved up between 2 percent and 4.2 percent.
Among the 30 largest firms, Hoang Anh Gia Lai (HAG) and its subsidiary Hoang Anh Gia Lai Agriculture International (HNG) jumped 4.7 percent and 5.9 percent, respectively, after they had fallen 9.8 percent and 10.9 percent in the previous two sessions.
The management board of Hoang Anh Gia Lai plans to issue 137.5 million shares to convert 1.1 trillion VND worth of convertible bonds at a price of 8,000 VND per share in May.
The convertible bonds were issued by Hoang Anh Gia Lai to Northbrooks Investments Pte Ltd, an investment arm of the Singapore-based Temasek Holdings Ltd, in August 2010.
Other large-cap stocks such as Vicostone (VCS), Asia Commercial Bank (ACB) and insurance-finance firm PVI Holdings (PVI) also recovered.
Higher global oil prices on the day also helped local energy stocks increase as the Organisation of Petroleum Exporting Countries and other exporters planned to extend an output cut agreement to the end of 2017.
In the energy sector, PetroVietnam Gas (GAS) rose 1.1 percent, PetroVietnam Technical Services (PVS) increased by 1.2 percent and PetroVietnam Mud Drilling (PVC) advanced 2.8 percent.
Sai Gon-Hanoi Securities (SHS) said in its report that the growth in the stock market on May 9 was boosted by investors’ purchases of low-priced shares.
Positive signs were also seen as gaining stocks outnumbered declining ones by 263 to 194, SHS said, adding that in current market conditions, the VN Index could continue rising on May 10 to approach 723 points.- VNA
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