Vietnam stocks reverse downward trend hinh anh 1Investors watch stocks move at Bao Viet Securities Corp in Hanoi. (Photo: VNA)

Hanoi (VNA) - Shares bounced back on the two local exchanges on November 10 from the previous day’s shake, driven by better market sentiment on expectations for positive economic policies coming from the new US President. 

The benchmark VN Index on the HCM Stock Exchange rose 1.2 percent to close at 678.17 points and the HNX Index on the Hanoi Stock Exchange gained 1.6 percent to end at 81.38 points. 

All sectors that suffered losses in the previous session returned to positive territory after investors were reassured on expectations for higher economic performance as the new US President stated in his speech after winning the race to the presidency on November 9. 

Of the nine listed banks, Vietcombank (VCB), Sacombank (STB), Sai Gon-Hanoi Bank (SHB) and Asia Commercial Bank (ACB) were the strongest gainers. These stocks rose between 1.1 percent and 3.8 percent. 

Large brokerage firms also saw their stocks go up, such as HCM Securities Corp (HCM), Sai Gon-Hanoi Securities Corp (SHS), Sai Gon Securities Inc (SSI) and VNDirect Securities Corp (VND). 

Higher oil prices benefited local energy firms such as PetroVietnam Gas Corp (GAS) and PetroVietnam Technical Services Corp (PVS), which were up 1.3 percent and 2.3 percent, respectively. 

Steel producers, including Hoa Phat Group (HPG), Hoa Sen Group (HSG) and Tien Len Steel JSC (TLH) also advanced after official data projected this year’s total steel production would reach 26.8 million tonnes and consumption of steel products in Vietnam would remain high over the coming years, with a yearly growth rate of 15 percent. 

More than 167.5 million shares were traded worth 2.6 trillion VND (115.8 million USD), down nearly 18 percent in volume and 27 percent in value from the November 9 numbers.-VNA