Milk lifts Vietnam’s stocks to three-week high
Vietnamese shares remained positive on August 11, driven by blue chips such as dairy firm Vinamilk and bank stocks.
Investors follow market movements on FTP Securities’ trading floor. (Photo: VNA)Hanoi (VNA) - Vietnamese shares remained positive on August 11, driven by blue chips such as dairy firm Vinamilk and bank stocks.
The benchmark VN Index on the HCM Stock Exchange gained 1.8 percent to finish at 660.24 points, the highest score in the last three trading weeks.
The southern market index has increased by 5.2 percent in the last four trading days from a one-month low on August 5.
The HNX Index on the Hanoi Stock Exchange added 1.2 percent to close at 83.24 points, totaling a three-session rally of 2.8 percent.
The stock market extended gains as “blue chips continued to rise” and “foreign investors turned to net buyers”, BIDV Securities Corp wrote in its daily report.
Vietnam Dairy Products JSC (VNM) on August 11 jumped 3 percent to hit a new high of 169,000 VND (7.5 USD).
Banks also recorded big gains. Vietcombank (VCB), Saigon-Hanoi Bank (SHB) and Bank for Investment and Development of Vietnam (BID) added between 2.4 percent and 4.7 percent.
Hoang Anh Gia Lai JSC (HAG) and its subsidiary Hoang Anh Gia Lai International Agriculture JSC (HNG) surged 6.8 percent and 6.2 percent, respectively.
Those two stocks have soared 23.5 percent and 21 percent in the last four sessions on speculations that Hoang Anh Gia Lai JSC’s debt restructuring plan has been approved, Bao Viet Securities Corp said in a report.
Automobile traders such as TMT Motors Corp (TMT), Hoang Huy Investment Services JSC (HHS) and Hang Xanh Motors Service JSC (HAX) advanced between 6.6 percent and 6.8 percent.
Those auto traders have increased by at least 12 percent in the last few days after a recent report published by the Vietnam Automobile Manufacturers’ Association showed that car sales in July rose by 15 percent from the previous month and 38 percent over a year.
Steel producers also made good gains, including Hoa Phat Group (HPG), Hoa Sen Group (HSG) and Tien Len Steel Corp (TLH).
Property developers Tan Tao Investment and Industry Corp (ITA) and Kinh Bac City Development Holding Corp (KBC) were the most active stocks. Each stock had more than 10 million shares being traded during the day.
Investors exchanged more than 184.6 million shares worth 3.17 trillion VND (141 million USD) during the day, an increase of 14 percent from previous day’s trading value.-VNA
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