Vietnam’s stocks struggle to remain up
Vietnamese shares struggled to remain positive on June 21, though investors remained upbeat ahead of Britain’s vote on the country’s membership of the EU, energy stocks suffered from lower oil prices.
Investors watch a trading board at FPT Securities Corp. (Photo: VNA)Hanoi (VNA) - Vietnamese shares struggled to remain positive on June 21, although investors remained upbeat ahead of Britain’s vote on the country’s membership of the European Union, energy stocks suffered from lower oil prices.
The benchmark VN Index on the HCM Stock Exchange finished at 628.00 points, up 0.3 percent from June 20, and extended a two-day gain of 1.4 percent.
The HNX Index on the Hanoi Stock Exchange was choppy on June 21, rising 0.2 percent to close at 84.50 points. The northern index has increased by 0.7 percent in the last two sessions.
Investor confidence remained high on June 21 on expectations that British voters will decide to stay in the European Union on June 23, local media reported.
The market’s expectations helped ease the US dollar on global exchanges and encouraged Vietnam’s central bank to reduce its daily reference mid-point rate for foreign exchange trading band by 15 VND to 21,848 VND for a dollar.
A lower trading rate between the Vietnamese dong and the dollar trigged higher net foreign purchase, lifting blue chips on both local exchanges.
Foreign investors recorded a net buying of 102.4 billion VND (4.55 million USD), an increase of more than one-third from previous day’s figure.
On the southern market, dairy firm Vinamilk (VNM) rose 1.5 percent, property and retail firm Vingroup JSC (VIC) was up 0.9 percent, insurer Bao Viet Holdings (BVH) gained 0.8 percent and Saigon Thuong Tin Commercial Bank (STB) advanced 1.8 percent.
On the northern exchange, large-cap stocks that made gains included Vicostone JSC (VCS), Tien Phong Plastic JSC (NTP), insurer PVI Holdings (PVI) and Vietnam Construction and Import-Export JSC (VCG). These shares added between 0.4 percent and 1.9 percent.
Steel producer Hoa Phat Group (HPG) increased by 2.1 percent on expectations that the company will record better performance in the second quarter. HPG has jumped 16 percent in the past three weeks.
On the opposite side, energy stocks slid as oil prices retreated from a two-day increase. US crude West Texas Intermediate (WTI) fell 1.2 percent to trade at 48.77 USD a barrel, and London-traded Brent crude dropped 1.3 percent to trade at nearly 50 USD a barrel.
Among local energy stocks, PetroVietnam Gas Corp (GAS) was down 1.6 percent, PetroVietnam Coating Corp (PVB) and PetroVietnam Mud Drilling Corp (PVC) slipped 2.6 percent and 2.4 percent, respectively.
Both local markets exchanged more than 185 million shares, worth 3.5 trillion VND – up 35 percent from previous day’s trading value.-VNA
You should also see
Cam Lam - Vinh Hao Expressway to help drive south-central region's economy
The 78.5km Cam Lam - Vinh Hao Expressway, one of the three sub-projects of the North - South Expressway project’s eastern wing, officially opened to traffic on April 26.
See more
Business
Long An, Dong Nai introduce strengths in RoK
The southern province of Long An and Dong Nai introduced their investment climate as well as socio-economic development orientations at an investment promotion conference held in the Republic of Korea (RoK) on April 26.
Business
Vietnam makes initial efforts to approach creative industries: CIEM
Vietnam has made initial efforts to approach creative industries and services, particularly a policy framework related to creative economy development, according to a new report released by the Central Institute for Economic Management (CIEM).
Business
HCM City wants to become major partner, customer of NVIDIA: Official
Chairman of the People’s Committee of Ho Chi Minh City Phan Van Mai has told the Vice President of Worldwide AI Initiative at NVIDIA, Keith Strier that the city wants to become a major and good partner and customer of the firm in Vietnam.
Business
Revenue on top five e-commerce platforms jumps 79%
The e-commerce market of Vietnam was robust in the first quarter of this year with total revenue of the top five platforms, including Shopee, TikTok Shop, Lazada, Tiki and Sendo, reaching more than 71 trillion VND (2.79 billion USD), an increase of 79% over the same period last year, according to a recent report by Metric.
Business
Airports to offer 9,000 domestic flights during upcoming holidays
Vietnamese airlines are expected to operate 9,000 flights on domestic routes to meet the travel demand during the upcoming National Reunification Day (April 30) and May Day (May 1) holidays, according to the Airports Corporation of Vietnam (ACV).
