Business

Shares up as US rates unchanged

Vietnamese shares rose on both local exchanges, ending a three-day losing streak, after financial firms got a boost from the US central bank's decision not to raise lending interest rates.
Shares up as US rates unchanged ảnh 1Investors watch market fluctuations on the VNDirect stock trading floor in Hanoi. (Source: VNA)

Vietnamese shares on October 29 rose on both local exchanges, ending a three-day losing streak, after financial firms got a boost from the US central bank's decision not to raise lending interest rates.

The benchmark VN Index on the HCM Stock Exchange jumped 1.5 percent to close at 605.20 points and the HNX Index on the Hanoi Stock Exchange rose 1 percent to end at 82.01 points.

The financial sector, made up of banks, brokerage firms and insurers, saw gains after the US central bank on October 28 night decided to keep interest rates unchanged near zero percent until its December meeting.

The US central bank's decision may put less pressure on the Vietnamese dong and Vietnam's central bank to depreciate the dong further like it did in August.

The banking industry index was up 1 percent, the brokerage index jumped 1.9 percent and the insurer index surged 4 percent.

The biggest financial stocks, such as Vietcombank (VCB), the Bank for Investment and Development of Vietnam (BID), Bao Viet Holdings (BVH) and Saigon Securities Incorporate (SSI) increased by 1.3 percent, 0.8 percent, 4.4 percent and 1.7 percent, respectively.

The energy stock index rose sharply by 0.9 percent after the US benchmark crude West Texas Intermediate (WTI) surged 6.3 percent on October 28 to trade at 45.94 USD a barrel and the Brent crude jumped 4.8 percent to trade at 49.05 USD a barrel.

Among energy stocks, the biggest winners were Petroleum Equipment Assembly & Metal Structure JSC (PXS), PetroVietnam Technical Services Corporation (PVS) and Drilling PetroVietnam Mud Drilling JSC (PVC) which jumped about 2 percent each.

Other energy stocks made smaller gains such as PetroVietnam Gas Corporation (GAS) and PetroVietnam Drilling & Well Services Corporation (PVD) that inched up 0.9 percent and 0.8 percent, respectively.

The market also saw significant improvements in some large stocks such as Vinamilk (VNM) and Vingroup Corporation (VIC).

VNM surged 4.4 percent after it reported an increase of 55 percent in quarterly net profit from the same period of last year to 2.1 trillion VND (95 million USD).

Both local exchanges traded more than 138 million shares, worth 2.54 trillion VND (113 million USD), a decrease of 6.5 percent from October 28.-VNA

VNA
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