Stocks rise for second day

Hanoi (VNA) - Shares extended gains for the second consecutive day on both local markets on April 22, led by blue chips in property, finance and energy sectors.

The benchmark VN Index on the Ho Chi Minh Stock Exchange advanced 2.9 percent, the strongest growth during nearly three months, to finish at 592.48 points. The southern index has jumped 4.3 percent in the last two sessions.

The HNX Index on the Hanoi Stock Exchange rose 1.6 percent, the highest increase in the last nine trading weeks, to end at 80.94 points. The northern index has added 2 percen in the last two days.

“Surges in blue chips, or large-cap shares in energy, property and financial sectors, helped boost local markets on April 22,” Bao Viet Securities Corp (BVSC) wrote in its report.

Strong foreign purchases helped boost the financial sector, including banks and insurance companies.

Among banks, Vietcombank (VCB), the Bank for Investment and Development of Vietnam(BID), Vietinbank (CTG) and Sai Gon-Hanoi Bank (SHB) surged 6.5 percent , 6.9 percent, 5 percent and 3.2 percent, respectively.

Additionally, energy stocks continued their upward trend after oil prices extended rallies and as investor confidence improved on expectations that the Organisation of Petroleum Exporting Countries (OPEC) will hold talks in May on a production freeze.

Vietnam’s energy stocks, including PetroVietnam Gas Corp (GAS), PetroVietnam Technical Service Corp (PVS) and PetroVietnam Drilling and Well Service Corp (PVD) jumped between 3.8 percent and 4.2 percent.

Market liquidity increased strongly compared to the previous day’s numbers. Both local markets traded more than 192.6 million shares worth 3.4 trillion VND (150.6 million USD), 54 percent higher than the previous day’s trading value.-VNA