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VN Index up for fifth consecutive day

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Illustrative image (Photo: VNA)

Hanoi (VNA) - Vietnamese shares on February 24 made gains on both local markets, led by banks.

The benchmark VN Index on the HCM Stock Exchange rose 1.2 percent to close at 568.04 points, extending its rally of 3.8 percent over the last five trading sessions.

On the Hanoi Stock Exchange, the HNX Index rebounded 0.9 percent from previous day's slight fall to close at 78.89 points.

The banking sector index added 4.1 percent on expectations that Vietnam's central bank may raise the loan-to-deposit ratio (LDR) in joint-stock commercial banks to 90 percent from 80 percent, local media reported on February 24.

The plan is expected to help banks use their deposit holdings to provide more loans for the market, HCM Securities Corporation (HSC) wrote in a report.

Banks that made the biggest gains included the Bank for Investment and Development of Vietnam (BID), Vietinbank (CTG) and Vietcombank (VCB), which surged 6.5 percent, 6.4 percent and 3.2 percent, respectively.

Other banks that may also benefit from the new plan were Sacombank (STB), which rose 2.8 percent, and Asia Commercial Bank (ACB), which jumped 4.2 percent.

Other financial firms, insurers and brokerages also made good gains, led by BIDV Insurance Corporation (BIC), which surged 6.8 percent to extend a 39 percent rally in the last five sessions after the company last week said it would allow a higher amount of foreign ownership.

Other gainers among insurance and brokerage stocks were Bao Minh Insurance Corporation (BMI), which rose 2.9 percent, Bao Viet Holdings (BVH), up 1.9 percent, HCM City Securities Corporation (HCM) which surged 6.7 percent, Saigon Securities Incorporate (SSI) which increased by 1.8 percent and VNDirect Securities Corporation (VND) which gained 2.6 percent.

Meanwhile, the energy sector index fell 0.5 percent as global oil prices continued to decline after Saudi Arabia denied that it plans to cut production in an attempt to boost prices.

US benchmark crude West Texas Intermediate (WTI) on February 24 dropped 3 percent to trade at 30.92 USD a barrel and London-traded Brent crude fell 2 percent to trade at 32.62 USD a barrel.

Both local markets traded nearly 214 million shares worth 3 trillion VND (134 million USD), a slight increase from February 23's trading value and up from last year's daily average of about 111 million USD.-VNA
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