Blue chips drive Vietnamese stocks back up
Vietnamese shares rose on March 23 after sliding in the previous session, driven by large-cap stocks on high investor confidence.
Illustrative image (Photo: VNA)Hanoi (VNA) - Vietnamese shares rose on March 23 after sliding in the previous session, driven by large-cap stocks on high investor confidence.
The benchmark VN-Index on the HCM Stock Exchange increased by 0.9 percent to close at 719.56 points, and the HNX-Index on the Hanoi Stock Exchange inched up 0.1 percent to end at 89.9 points.
The VN-Index was down 0.5 percent on the previous day, while the HNX-Index dropped 0.4 percent.
Market trading liquidity dropped from the March 22 level with more than 230.5 million shares being exchanged on the two local bourses, worth 4.52 trillion VND (200.87 million USD).
The figures were down 31 percent in trading volume and 21.3 percent in trading value compared to Wednesday’s numbers.
Local stocks were driven by banking-finance companies and property developers after those firms performed badly on March 22.
Six of the nine listed banks advanced, including top large-cap banks such as Vietcombank (VCB), Sacombank (STB) and Saigon-Hanoi Bank (SHB).
Other financial firms also performed well, including insurer Bao Viet Holdings (BVH), Saigon-Hanoi Securities Corp (SHS) and Saigon Securities Inc (SSI).
VCB rose 1.5 percent, SHB added 2 percent and STB surged 6 percent. The March 23 gain also helped STB rally for a fourth day with a total growth of 10.7 percent.
In the property sector, Phat Dat Real Estate Development JSC (PDR) gained 2.7 percent, Saigon Thuong Tin Real Estate JSC (SCR) advanced 1.5 percent, and Vingroup (VIC) was up 2 percent.
In addition, the market received a strong boost from other sectors, such as food and beverage and agriculture.
Those sectors were pulled up by Hoang Anh Gia Lai JSC (HAG), Hoang Anh Gia Lai Agriculture International (HNG), consumer goods producer Masan Group (MSN) and dairy company Vinamilk (VNM).-VNA
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