Higher Q2 earnings push banks up
Vietnamese shares on July 12 rebounded from a two-day decline as banks advanced on second-quarter profits and higher oil prices pushed energy stocks up.
Vietcombank staff serve a client in a southern Khanh Hoa branch (Photo: VNA)Hanoi (VNA) - Vietnamese shares on July 12 rebounded from a two-day decline as banks advanced on second-quarter profits and higher oil prices pushed energy stocks up.
The benchmark VN Index on the HCM Stock Exchange rose 1 percent to finish at 658.90 points. The southern market index lost 1.4 percent during the previous two days.
The HNX Index on the Hanoi Stock Exchange closed at 86.39 points, up 0.4 percent from July 11. The northern market index dropped 2.4 percent in the previous two sessions.
The banking sector was lifted by the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), which have recently reported year-on-year increases in their profits for the past quarter.
Vietcombank (VCB) on July 8 reported that the bank’s profit in the second quarter rose 37.8 percent year on year and Vietinbank (CTG) on July 11 said that its second-quarter profit could rise 10.3 percent from last year’s figure.
VCB and CTG on July 12 ended up 3.8 percent and 1.7 percent, respectively. VCB has surged 8 percent in the last four days, and CTG has gained 2.9 percent in the past two sessions.
Energy stocks recovered from falls on July 11 on a rebound in oil prices. London-traded Brent crude added 2.4 percent to trade at 47.38 USD a barrel and US crude advanced 2.1 percent to trade at 45.68 USD a barrel.
Among local energy stocks, PetroVietnam Gas Corp (GAS) edged up 0.8 percent, PetroVietnam Drilling and Well Service Corp (PVD) increased by 2.4 percent, and PetroVietnam Technical Service Corp (PVS) rose 1.7 percent.
Other blue chips also made gains on July 12, including Saigon Securities Inc (SSI) and Vietnam Dairy Products JSC (VNM).
SSI finished up 1.7 percent as the company remained top dealer on the national stock market. SSI has soared 13.6 percent in the last seven trading days.
VNM rose 0.7 percent after the State Capital Investment Corp (SCIC) announced it would sell its entire stake in the dairy producer.
Other large-cap stocks such as property developer Vingroup JSC (VIC), steel producer Hoa Phat Group (HPG) and Vietnam Construction and Import-Export Corp (VCG) also made gains.
Investors on July 12 traded nearly 235.5 million shares worth of 4 trillion VND (179.87 million USD), a decrease of 5.3 percent from July 11’s trading value.-VNA
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