Blue chips lift VN Index for third day
Vietnamese shares extended gains for the third day in a row on August 10 as investor confidence recovered, boosting large-cap stocks and market trading liquidity.
Illustrative image (Source: vietnamnet.vn)The benchmark VN Index on the Ho Chi Minh Stock Exchange rose 1.7 percent to finish at 648.33 points, jumping a total 3.3 per cent in the last three sessions.
The HNX Index on the Hanoi Stock Exchange gained 0.7 percent to close at 82.27 points. The northern market index has increased by 1.6 percent in two trading days.
"Strong gains in the local indices and in trading liquidity prove that investor confidence has recovered," Maritime Securities Inc wrote in its daily report.
More than 158 million shares were traded on the two local exchanges for a total value of 2.78 trillion VND (123.8 million USD), an increase of 12 percent in value from August 10's trading.
Better investor sentiment benefited blue chips, especially property developers Vingroup JSC (VIC) and Khang Dien Trading and Investment JSC (KDH).
VIC surged 6.8 per cent and KDH jumped 5.1 percent, pulling other property stocks such as FLC Group (FLC) and Sai Gon Thuong Tin Real Estate JSC (SCR).
Higher investor confidence also boosted other blue chips such as dairy firm Vinamilk (VNM), insurer Bao Viet Holdings (BVH), the three largest banks and PetroVietnam Gas Corp (GAS).
VNM added 1.2 percent and GAS edged up 0.8 percent.
The three largest banks, Vietcombank (VCB), Vietinbank (CTG) and Bank for Investment and Development of Vietnam (BID) respectively moved up 0.9 percent, 3 percent and 2.4 percent.
Steel producers and traders, including Hoa Phat Group (HSG), Hoa Sen Group (HSG) and Vietnam-Italy Steel JSC (VIS) advanced on expectations that steel prices would improve in the future.
HPG, HSG and VIS climbed between 3 percent and 4.6 percent.
Other listed companies also helped lift the stock market on their business news.-VNA
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