Vietnamese stocks rally on Vingroup surge
Vietnamese shares rose further on both local markets on April 11, extending their gains from last week as property developer Vingroup jumped during the session.
Illustrative photo (Source:Internet)The benchmark VN Index on the HCM Stock Exchange gained 1.2 percent to finish at 579.27 points, jumping 4.2 percent in the last five sessions.
The HNX Index on the Hanoi Stock Exchange added 0.5 percent to close at 80.66 points, extending its rally of 2.8 percent for a sixth day.
The property sector was boosted by Vingroup (VIC) on expectations that the company will introduce a new project in the central area of HCM City in the second quarter of this year. VIC surged 6.3 percent at the end of April 11.
FLC Group was up 1.6 percent after the company's management board approved the plan to set up a new branch in the central regional province of Thanh Hoa. FLC was also the most active stock with more than 9.2 million shares being exchanged.
Other property firms such as Kinh Bac City Development Share Holding Corp (KBC), Sao Mai Group Corp (ASM) and Nam Long Investment Corp (NLG) also made gains.
In addition, energy stocks continued their good form as oil prices surged last week on expectations of an agreement on an output freeze reached at the meeting this week between OPEC and other producers and on a decrease of US production.
US crude West Texas Intermediate fell 0.5 percent to trade at 39.51 USD a barrel and Brent crude dropped 0.4 percent to trade at 41.79 USD a barrel, but both showed some recovery on late-day trading.
US crude and London-traded Brent crude surged 8 percent and 8.5 percent, respectively, during last week.
Among energy stocks, PetroVietnam Gas Corp (GAS) and PetroVietnam Drilling and Well Service Corp (PVD) gained 2 percent and 2.5 percent, respectively.
PetroVietnam Mud Drilling Corp (PVC) and PetroVietnam Coating Corp (PVB) advanced 1.3 percent and 1.4 percent.
Construction steel producers such as Vietnam-Italy Steel JSC (VIS), Hoa Phat Group JSC (HPG) and Pomina Steel Corp (POM) also helped lift the markets after they remained among top five producers in the first quarter of the year as they benefited from an anti-dumping policy issued late last month. VIS rose 1.4 percent, HPG added 2.2 percent and POM surged 6.3 percent.
An Pha Petrol JSC (ASP) on April 11 jumped 5.1 percent after the company at the annual shareholder's meeting on April 9 said it may allow foreign capital into the company up to 100 percent from the current level of 49 percent.
Both local markets traded nearly 203 million shares worth 3.36 trillion VND (149.7 million USD), an increase of nearly 27 percent from last week's daily trading value.-VNA
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