Stocks reverse last week's losses

 Vietnamese shares jumped on August 10, rebounding from last week's losses as dairy giant Vinamilk and insurer Bao Viet Holdings led gainers.

On the HCM Stock Exchange, the benchmark VN-Index gained nearly 11 points, or 1.78 percent, to close the session at 614.53 points. The index fell 2.8 percent last week.

Vinamilk (VNM) and Bao Viet Holdings (BVH) both hit the trading limit of a 7 percent increase. The gains helped lift the VN30, which tracks the top 30 shares by market value and liquidity, 1.82 percent to end at 649.99 points.

Shares of Vinamilk have been on a tear since August 5, when the company said Mai Kieu Lien would stay on as Chief Executive while stepping down as chairwoman in late July. The stock is up 11.5 percent in the last four trading sessions.

According to analysts, investors are still confident in the growth potential of the country's largest dairy company, which reported a positive performance in the second quarter.

It earned 10.52 trillion VND (482.6 million USD) in revenue and almost 2.2 trillion VND (101 million USD) in profit during the April-June period, up 13.3 percent in revenue and 39 percent in profit compared with the same period of last year.

Other large companies also rallied, including Vietcombank (VCB), Vietinbank (CTG), BIDV (BID), HCM Securities (HCM), Saigon Securities, VinGroup (VIC), Hoa Phat Group (HPG) and FPT Corp (FPT).

SSI was also the most active stock in HCM City's market on August 10 with almost 3.9 million shares traded, rising 3 percent to finish at 27,600 VND (1.27 USD) a share.

Gains of large cap companies had a spillover effect to the whole market as the number of rising stocks outnumbered those of losing ones by 130-87. Another 90 companies were flat.

Liquidity was little changed compared with levels on August 7, totaling nearly 91 million shares worth 1.86 trillion VND (85.3 million USD).

On the Hanoi Stock Exchange, the HNX-Index edged 0.63 percent higher to 84.41 points as buying demand for large cap companies here also increased on investors' growing confidence in the market outlook.

The HNX30, which tracks the performance of the top 30 shares by market capitalisation and liquidity, also rose 0.65 percent to 161.49 points.

Market volume went up 20 percent from August 7 to reach nearly 48 million shares while value of trades increased 10 percent to 566 billion VND (26 million USD).

Kim Vi Stainless Steel Commercial Producing Co (KVC) led volume with nearly 3 million shares exchanged. The share value dived 4.62 percent to settle at 16,500 VND (76 cents) each.

Foreign investors remained net buyers on August 10 with a combined 49.5 billion VND (2.3 million USD) worth of shares traded in the two markets.-VNA