VN Index rebounds off two-day drop
Vietnamese shares on February 3 were mixed on the two local bourses, while large-cap companies were pulled higher by improving earnings results.
Traders at VNDirect Securities Corporation's exchange floor. (Photo: VNA)Hanoi (VNA) – Vietnamese shares on February 3 were mixed on the two local bourses, while large-cap companies were pulled higher by improving earnings results.
The benchmark VN Index on the HCM Stock Exchange gained 0.5 percent to close at 539.07 points, rebounding from a two-day fall of 1.6 percent.
On the contrary, the HNX Index on the Hanoi Stock Exchange inched down 0.1 percent to end at 75.80 points, extending its loss to 1.4 percent in the last three days.
Large-cap companies that helped lift the benchmark VN Index included dairy firm Vinamilk (VNM), food and beverage producer Masan Group (MSN) and software provider FPT Corporation (FPT), which rose 1.7 percent, 2.1 percent and 0.9 percent, respectively.
Those companies announced higher business performances in 2015 compared to figures from 2014. For example, Masan Group earned a net profit of 113 million USD last year, an increase of 24 percent from 2014.
In addition, the recent volatility of global oil prices have helped plastic and rubber stocks advance. US benchmark crude West Texas Intermediate (WTI) on February fell 0.7 percent to trade at 29.66 USD a barrel and London-traded Brent crude dropped 0.6 percent to trade at 32.51 USD a barrel.
Among rubber and plastic firms, Binh Minh Plastic JSC (BMP) jumped 3.4 percent, Rang Dong Plastic JSC (RDP) was up 0.8 percent and Sao Vang Rubber JSC (SRC) gained 0.7 percent.
However, declining oil prices continued to prevent energy stocks from advancing. PetroVietnam Drilling and Well Services Corporation (PVD) dropped 0.5 percent, PetroVietnam Technical Services Corporation (PVS) fell 2.1 percent and PetroVietnam Coating Corporation (PVB) slumped 3.7 percent.
Market liquidity continued to decline as investors were unwilling to purchase stocks amid uncertainty over the global economy and the volatility of oil prices.
Both markets on February 3 traded more than 126 million shares worth 1.66 trillion VND (74 million USD), a decrease of 3 percent from previous day's trading value.-VNA
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