Investor confidence boosts stocks
Vietnamese shares rose on both local bourses on March 1 as investor confidence improved after China cut its reserve requirement ratio to boost trading liquidity in the banking sector.
Illustrative photo (Source: VNA)Hanoi (VNA) - Vietnamese shares rose on both local bourses on March 1 as investor confidence improved after China cut its reserve requirement ratio to boost trading liquidity in the banking sector.
The benchmark VN Index on the HCM Stock Exchange edged up 0.4 percent to close at 561.56 points and the HNX Index on the Hanoi Stock Exchange gained 0.3 percent to end at 78.96 points.
The indices rebounded from previous day's decline as investor confidence became more positive after the Chinese central bank reduced the amount of cash that banks must have as reserves to support the banking sector's liquidity, Maritime Securities Corporation (MSI) wrote in its daily report.
Higher investor confidence increased the value of large-cap stocks, such as software producer FPT Corporation (FPT), which added 0.8 percent, HAGL Agricultural JSC (HNG), which gained 1.2 percent, plant grower Hoang Anh Gia Lai JSC (HAG), which rose 2.4 percent, and dairy firm Vinamilk (VNM), which increased 1.5 percent.
Several stocks made gains on investor expectations that these companies will allow more foreign ownership.
Among those companies, Refrigeration Electrical Engineering Corporation (REE) surged 6.1 percent after the firm on March 1 announced it would increase foreign ownership by 5.3 percent to 49 percent.
Hoang Quan Consulting-Trading-Service Real Estate Corporation (HQC) added 1.8 percent, extending its gains to 3.6 percent after the company announced it would consider a raise in foreign ownership.
Local energy stocks also helped lift the markets after crude prices extended rallies on March 1.
US benchmark crude West Texas Intermediate (WTI) was up 1.3 percent to trade at 34.20 USD a barrel. WTI has risen 15.4 percent in the last eigtht trading sessions.
London-traded Brent crude added 0.8 percent to trade at 36.87 USD a barrel, gaining 11 percent in the last five trading days.
Among local energy stocks, PetroVietnam Gas Corporation (GAS) rose 2.1 percent, PetroVietnam Drilling and Well Service Corporation (PVD) increased by 2.4 percent, and PetroVietnam Coating Corporation (PVB) jumped 3.1 percent.
Both local markets traded more than 190 million shares worth 2.7 trillion VND (120.7 million USD), an increase of 6 percent from previous day's trading value.-VNA
You should also see
InfographicQuang An listed among the coolest streets in the world
Quang An Street in Tay Ho district, Hanoi, has been listed among the 30 coolest streets in the world by the British travel magazine Time Out.
See more
Business
Vietjet adds more flights to Dien Bien
To meet the rising demands to visit Dien Bien of people and tourists during the celebration of the 70th anniversary of the Dien Bien Phu victory, Vietjet increased the frequencies of flights between Hanoi, Ho Chi Minh City and the northwestern province to 28 per week.
Videos
Agro-forestry-fisheries products nearly double in Q1
Total export revenue from agro-forestry-fisheries products in the first three months of this year is estimated at over 13.5 billion USD, up nearly 22% over the same period last year, according to the Ministry of Agriculture and Rural Development.
Business
Beautycare Expo 2024 opens in Hanoi
The Beautycare Expo 2024 kicked off Hanoi on April 18, featuring over 250 booths from more than 15 countries and territories.
Business
Standard Chartered, US promote clean energy investments in Vietnam
Standard Chartered and the US Agency for International Development (USAID) have signed a Memorandum of Understanding (MoU) on green financing in Vietnam and to promote the deployment of advanced clean energy in Vietnam.
Business
Vietnam Airlines, Sun Group promote Vietnam’s tourism in RoK
National flag carrier Vietnam Airlines and Sun Group on April 17 held a tourism promotion event themed “The Magnificent Vietnam” in Seoul, aiming to promote Vietnam’s tourism potential, flights, and trade opportunities for Vietnam and the Republic of Korea (RoK).
