Investors on the BIDV Securities Corp’s exchange floor. (Photo: VNS Photo Truong Vi)Hanoi (VNA) - Vietnamese shares on April 29 rebounded from a two-day decline on both local markets before the national holidays as blue chips were boosted by higher investor confidence.
The benchmark VN Index gained 1.1 percent to close the week at 598.37 points, recovering all loss during the previous two sessions.
The HNX Index on the Hanoi Stock Exchange advanced 0.5 percent to end at 80.68 points, bouncing back from a decline of 0.9 percent in two days.
“Higher investor confidence in large-cap stocks boosted local markets yesterday after the Prime Minister at a meeting promised to give local companies solutions to their problems,” Bao Viet Securities Corp (BVSC) wrote in its report.
Higher investor confidence picked up insurance companies and banks. Insurer Bao Viet Holdings (BVH) and BIDV Insurance Corp (BIC) led the insurance sector by surging 5.2 percent and 6.9 percent, respectively.
Among banks, the Bank for Investment and Development of Vietnam (BID) jumped 6.1 percent, while Vietinbank (CTG), Asia Commercial Bank (ACB) and Sai Gon-Hanoi Bank (SHB) were up between 1.1 percent and 2.5 percent.
Two big companies in the agricultural sector, Hoang AnhGia Lai JSC (HAG) and HAGL Agricultural JSC (HNG) continued their recent good form. These stocks added 1.3 percent and 3.7 percent at the end of the trading session, respectively.
Higher investor confidence also bolstered property developers as banks would consider reducing interest on their loans and tighten their policies at a slower pace to avoid creating problems for businesses, BVSC said.
The property sector was driven up by Vingroup JSC (VIC), Phat Dat Real Estate Development JSC (PDR) and Sai Gon Thuong Tin Real Estate Corp (SCR). VIC gained 1 percent, PDR increased by 2.9 percent and SCR was up 1.1 percent.
The markets were also supported by companies with good performances in the first quarter of this year compared to last year’s figures.
Food producer Masan Group (MSN) bounced 1.4 percent from April 28’s fall after the company announced an increase of 76 percent in pre-tax profits over a year to 1.63 trillion VND (72.5 million USD).
Market liquidity rose sharply after the central bank cut its daily reference mid-point rate by 30 VND to 21,842 VND for a US dollar. Both local bourses exchanged 161.7 million shares worth 2.95 trillion VND, an increase of 24 percent from April 28’s trading value.
The national stock markets will be closed on the first two trading days next week due to Liberation Day and May Day.-VNA
