Stocks upbeat on Q3 earnings hope

Illustrative image (Source: VNA)

Hanoi (VNA) - Shares rose further on October 13 as investors remained confident in companies with prospects of better performances in the third quarter of this year.

The benchmark VN Index on the HCM Stock Exchange edged up 0.4 percent to close at 685.23 points, rising a total of 1.6 percent during the last three sessions.

The HNX Index on the Hanoi Stock Exchange gained 0.5 percent to end at 85.34 points, extending a two-day increase of 0.9 percent.

The rise of the stock market was attributed to the stocks that were expected to publish better earnings reports for the last quarter, such as real estate companies, construction material producers and seaport operators, BIDV Securities Corp (BSC) wrote in a note.

The property sector was lifted by familiar names such as Vingroup JSC (VIC), Kinh Bac City Development Shareholding Corp (KBC), Tan Tao Investment and Industry Corp (ITA) and FLC Group (FLC).

VIC rose 1.9 percent, KBC was up 0.3 percent, ITA and FLC jumped at least 4 percent.

The increase of real estate firms also dragged construction material producers up, including steelmaker Hoa Phat Group (HPG), Binh Minh Plastic JSC (BMP), Tien Phong Plastic JSC (NTP) and Vietnam Construction Import-Export Corp (VCG).

Those stocks increased by 1.2 percent, 0.6 percent, 1.1 percent and 4.4 percent, respectively.

The brokerage sector also had a positive trading day, driven by MB Securities Co (MBS), Sai Gon-Hanoi Securities Co (SHS), VNDirect Securities Co (VND) and Sai Gon Securities Inc (SSI).

MBS jumped 3.8 percent, VND added 2.3 percent, SHS advanced 1.9 percent and SSI moved up 0.7 percent.

On the other hand, energy stocks declined as crude prices closed lower on October 12, after the Organisation of Petroleum Exporting Countries (OPEC) reported its production reached an eight-year high in September and that it would take some time for the market to stabilise.

PetroVietnam Mud Drilling Corp (PVC) and PetroVietnam Technical Services Corp (PVS) were among the energy producers which suffered from sliding oil prices, while others remained flat.

Nearly 165 million shares worth 2.55 trillion VND (113.3 million USD) were traded across the board, a slight increase over the October 12 trading value.-VNA