Vietnamese shares buoyed by Fed hike hinh anh 1Stacks of US dollars being counted in a commercial bank. Photo:

Hanoi (VNA) - Shares edged up on March 16 on the two national exchanges even though the US Federal Reserve on the previous day hiked the benchmark interest rate for the second time in three months. Property, securities and agricultural stocks were the market momentum.

On the HCM Stock Exchange, the VN-Index increased by 0.25 percent to 714.92 points.

On the Hanoi Stock Exchange, the HNX-Index was up 0.59 percent at 87.97 points.

Liquidity soared with a total of 234.4 million shares worth 4.74 trillion VND (nearly 208 million USD) traded in the two markets, up 31.7 percent in volume and 21.5 percent in value compared to the March 15 levels.

According to market analysts, the Fed’s decision was foreseen and was not expected to shake up markets. Large-cap stocks rose strongly as 22 of the 30 largest by market value and liquidity in HCM City gained, and only five declined.

Agribusiness Hoang Anh Gia Lai Co (HAG) and Hoang Anh Gia Lai Agricultural Invesment (HNG) hit the daily maximum rise of 7 percent.

Property stocks were still the magnet and maintained their growth.

On the HCM City’s bourse, big firms like VinGroup (VIC), HCM City Infrastructure Investment (ITA), Kinh Bac City Development (KBC), Dat Xanh Real Estate Service & Construction (DXG), Hoang Quan Real Estate Trading Consulting Service (HQC) and Khang Dien Investment and Trading House (KDC) advanced by 1-4 percent.

Tasco (HUT) on the Hanoi exchange climbed 10 percent.

All of them were the most heavily-traded stocks in the two markets.

Securities stocks emerged on Thursday as popular stickers. Saigon Securities Inc (SSI) and Saigon-Hanoi Securities Co (SHS) experienced high trading liquidity. SHS rose 8.5 percent while SSI was up 4.7 percent.

On the negative side, shares of Novaland Investment (NVL) lost 1 percent in value despite strong foreign buys. (Foreign investors bought a net value of 230.6 billion VND for NVL shares on March 16). Meanwhile, FLC Faros Construction (ROS) tumbled 3.2 percent.

The market could experience an unexpected slump following its strong performance, stock analysts at Vietnam Investment Securities Co warned, saying the VN-Index was being influenced by large-cap stocks.

The VN-Index rose for two sessions and sank in two this week.

“However, the most important thing is the high trading value, which showed that investors are staying in the market,” they said, predicting money inflows could shift to blue chips when average prices of low-priced stocks has gone up significantly.-VNA