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Financial stocks help Vietnam shares bounce back

Vietnamese shares rebounded on both local markets on March 16, led by financial stocks, including banks, insurance companies and brokerage firms.
Financial stocks help Vietnam shares bounce back ảnh 1Investors follow transactions at VnDirect in Hanoi (Photo: VNA)

Hanoi (VNA) - Vietnamese shares rebounded on both local markets on March 16, led by financial stocks, including banks, insurance companies and brokerage firms.

The benchmark VN Index on the Ho Chi Minh Stock Exchange and the HNX Index on the Hanoi Stock Exchange rose 0.5 percent each to finish at 577.07 points and 80 points, respectively.

The banking sector was lifted by Vietcombank (VCB) and the Bank for Investment and Development of Vietnam (BID). These stocks gained 2.9 percent and 1.1 percent, respectively.

The insurance sector also made good gains, led by Bao Viet Holdings (BVH), BIDV Insurance Corporation (BIC) and Bao Minh Insurance Corporation (BMI). BVH and BIC added 0.9 percent each while BMI rose 1.1 percent.

Securities stocks helped boost the markets as their business benefited from recently improved market liquidity, which has remained higher than last year's average daily trading value since the markets reopened after the Tet holidays.

Both local markets traded more than 201 million shares worth 2.75 trillion VND (122.5 million USD) on the day, higher than last year's average daily trading value of 111 million USD.

Among brokerage stocks, HCM City Securities Corporation (HCM) rose 1 percent, AgriBank Securities JSC (AGR) jumped 3.2 percent, and Bao Viet Securities Corporation (BVS) was up 0.8 percent.

Meanwhile, foreign investor confidence was low ahead of the US central bank's meeting on expectations that it will maintain the current interest rates. If the interest rates are raised, the Vietnamese dong will become weaker against the US dollar.

The same day, Vietnam's central bank increased its daily reference mid-point rate by 6 VND to 21,878 VND a US dollar. The mid-point rate has gained 29 VND in the last two days.

The stock markets also received support from other large-cap stocks such as PetroVietnam Gas Corporation (GAS), dairy corporation Vinamilk (VNM), Hoang Anh Gia Lai JSC (HAG) and Hoang Anh Gia Lai Agricultural JSC (HNG). These stocks advanced 0.9 percent, 0.7 percent, 2.4 percent and 4.3 percent, respectively.

On the negative side, natural rubber producers such as Dong Phu Rubber JSC (DPR), Tay Ninh Rubber JSC (TRC) and Phuoc Hoa Rubber JSC (PHR) suffered extended losses after having made good gains last week on improved rubber prices.-VNA

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