Blue chip stocks lift Vietnam’s markets
Vietnamese shares on April 14 bounced back on both local markets from the falls on previous day as companies announced positive plans this year and large-cap stocks increased.
Investors follow market movements on the trading floor of MB Securities in Hanoi (Photo: VNA)Hanoi (VNA) - Vietnamese shares on April 14 bounced back on both local markets from the falls on previous day as companies announced positive plans this year and large-cap stocks increased.
The benchmark VN Index on the HCM Stock Exchange rebounded 0.3 percent to finish at 579.49 points.
The HNX Index on the Hanoi Stock Exchange inched up 0.1 percent to end at 80.28 points, ending a two-day loss of 0.5 percent.
Two companies in the agricultural sector, Hoang Anh Gia Lai JSC (HAG) and its subsidiary HAGL Agricultural JSC (HNG), lifted the markets as these stocks became attractive to investors after recent declines.
HAG and HNG surged 6 percent and 6.1 percent, respectively. HAG slumped 14 percent during the previous five trading days and HNG fell 16.5 percent in six consecutive sessions.
Other smaller stocks made gains as investors received positive news about the companies’ performances and business plans at their shareholder meetings.
Song Da Urban and Industrial Zone Investment and Development JSC (SJS) rose 2 percent and Kinh Bac City Development Share Holding Corp jumped 3.9 percent after those companies targeted higher incomes and profits this year compared to last year’s figures.
Thu Duc Housing Development Corp (TDH) advanced 2.9 percent after the company proposed its shareholders allow foreign investors raise ownership to 60 percent from 49 percent. TDH has gained 10 percent in two sessions.
Steel producer Tien Len Steel Group JSC (TLH) was up 2.6 percent after the company officially announced it earned a net profit of nearly 104 billion VND (4.6 million USD) in the first quarter of this year.
“Blue chips continued to influence the moves in both markets,” Bao Viet Securities Corp (BVSC) wrote in its daily report.
Those blue chips included Vietcombank (VCB), the Bank for Investment and Development of Vietnam (BID), property firm Vingroup JSC (VIC), steel producer Hoa Phat Group (HPG) and food producer Masan Group (MSN).
These stocks increased by between 0.7 percent and 1 percent.
Meanwhile, energy stocks turned to negative territory on declining oil prices as investors and analysts doubted an agreement on a production freeze until the meeting this weekend between some of OPEC’s members and producers such as Russia.
Both local markets traded more than 164.3 million shares worth 2.54 trillion VND (113 million USD), a decrease of nearly 13 percent from previous day’s trading value.-VNA
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