Business

Banks, property firms lift local stock

Vietnamese shares bounced back on the week’s last transaction day from the previous day’s declines on both local exchanges as banks and property developers recovered from their recent falls.
Banks, property firms lift local stock ảnh 1Illustrative image (Source: VNA)

Hanoi (VNA) - Vietnamese shares bounced back on the week’s last transaction day from the previous day’s declines on both local exchanges as banks and property developers recovered from their recent falls. 

The benchmark VN Index on the HCM Stock Exchange rose 0.6 percent to finish at 608.11 points. The southern index closed down 1.1 percent over the week. 

The HNX Index on the Hanoi Stock Exchange increased by 0.4 percent to end at 81.39 points, losing a total of 0.4 percent from the previous week. 

Listed banks made some recoveries after they suffered losses in the previous sessions as investors were cautious amid fears over a possible US interest rate increase in June. 

Those banks included Asia Commercial Bank (ACB), Vietinbank (CTG), the Bank for Investment and Development of Vietnam (BID), Sai Gon-Hanoi Bank (SHB) and Sacombank (STB). 

ACB gained 1.1 percent, SHB added 1.6 percent, CTG and BID advanced 1.7 percent and 1.8 percent, respectively, and STB increased by 2.7 percent. 

Local markets were also supported by property developers, including Vingroup JSC (VIC), Tan Tao Investment Industrial JSC (ITA), Kinh Bac City Development Share Holding Corp (KBC) and Sai Gon Thương Tin Real Estate JSC (SCR). 

Those shares rose between 0.7 percent and 5.7 percent. 

Securities firms also recorded good gains. Sai Gon Securities Inc (SSI), HCM City Securities Corp (HCM), Bao Viet Securities Corp (BVS), Sai Gon-Hanoi Securities Corp (SHS) and VNDirect Securities Corp (VND) were among the biggest winners. 

SSI moved up 1.5 percent, SHS jumped 3.2 percent, VND edged up 0.9 percent, HCM was up 2.7 percent and BVS gained 2.3 percent. 

Supporting business news also helped other companies see their stocks improve on the day such as Da Nang Rubber JSC (DRC) and TMT Motor Corp (TMT). 

However, investors remained cautious during the May 27 session, which resulted in lower market trading liquidity. Both local markets exchanged more than 162.7 million shares worth 2.3 trillion VND (102 million USD), a decrease of 12 percent from the previous day’s trading value.-VNA

VNA
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