Business

Shares rise on investor confidence

Shares picked up in both local markets on May 17 as investor confidence turned positive after a meeting between Prime Minister Nguyen Xuan Phuc and local businesses.
Shares rise on investor confidence ảnh 1An investor watches stocks move on her laptop (Photo: vietstock.vn)

Hanoi (VNA) - Shares picked up in bothlocal markets on May 17 as investor confidence turned positive after a meetingbetween Prime Minister Nguyen Xuan Phuc and local businesses.

The benchmark VN Index gained 0.30 percent toclose at 727.20 points, rebounding from a two-day loss of 0.04 percent.

The HNX Index on the Hanoi Stock Exchange closedup 0.69 percent  at 91.91 points,extending its gain for a fourth day with a total growth of 2.2 percent.

Market trading liquidity reduced from May 16.More than 269.2 million shares were exchanged on both local bourses, worth 5.37trillion VND (238.7 million USD).

Large-cap stocks performed well, with nearlytwo-thirds of the 30 largest companies by market capitalisation advancing.

Among gainers, dairy producer Vinamilk (VNM)rose 2.4 percent, HCM City Infrastructure Investment (CII) and DHGPharmaceutical (DHG) jumped 3.3 percent and 3.8 percent, respectively.

Other gaining stocks among the 30 largest listedfirms gained between 0.2 percent and 1.7 percent.

Insurance-finance and banking industriesperformance lifted the stock market, driven by the growth of Sai Gon-Hanoi Bank(SHB), Asia Commercial Bank (ACB), Sacombank (STB), Sai Gon Securities (SSI)and Bao Viet Holdings (BVH).

BVH edged up 0.7 percent, Sai Gon Securities(SSI) increased by 1.7 percent, Sacombank (STB) was 1.2 percent and ACB added2.1 percent.

However, property stocks suffered fromprofit-taking, while energy shares were pulled down by lower oil prices duringthe Asia trading day.

Recent strong gains in property stocks put themin the position that triggered profit-taking among investors.

Real estate firms that fell on profit-takingincluded Hoang Quan Consulting-Trading-Service Real Estate (HQC), Tan TaoInvestment and Industry (ITA), FLC Group (FLC) and Vingroup (VIC).

Sai Gon-Hanoi Securities (SHS) said in itsreport that the market was boosted by positive investor confidence after thePrime Minister had a meeting with local businesses, which brought positive newsfor Vietnam’s business community.

Good market sentiment drove the VN Index, whenit fell to the support range of 723-725 points yesterday morning, proving thatdemand of investors for low-priced stocks remained positive, the brokeragesaid, adding that the VN Index is expected to rise further today and target theold peak of 732 points.-VNA
VNA
#VN Index #HCM Sotkc Exchange #HNX Index #Hanoi Stock Exchange #market trading liquidity #large-cap stocks #market capitalisation #low-priced stocks
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