Vietnam’s stocks advance on both bourses

Hanoi (VNA) - Vietnamese shares rose on both local exchanges on July 28, led by the finance-banking sector after Asia Commercial Bank released its second-quarter earnings report.

The benchmark VN Index on the HCM Stock Exchange gained 0.72 percent to close at 777.09 points, rebounding from the previous day’s loss of 0.3 percent.

The HNX Index on the Hanoi Stock Exchange rose 0.93 percent to end at 100.55 points. The northern market index has rallied 3.7 percent in the last four sessions.
The VN Index rose 2 percent for the week and the HNX Index increased by 2.6 percent.

The two local indices also posted weekly gains after July 28. The VN Index rose 2 percent for the week and the HNX Index increased by 2.6 percent.

More than 278.7 million shares were traded on both local bourses, worth 4.75 trillion VND (211.4 million USD).

The July 28 trading figures were 38 percent and 33 percent higher in volume and value, respectively, compared to July 27’s.

The stock market was boosted after Asia Commercial Bank (ACB) released its second-quarter earnings report.

 The HNX-listed bank reported its post-tax profits in the second quarter rose 42 percent year-on-year to 501 billion VND, making its post-tax profit for the first six months of this year of 1.26 trillion VND.

 ACB shares advanced 1.6 percent, lifting other bank shares such as MBBank (MBB), Eximbank (EIB) and Bank for Investment and Development of Vietnam (BID).

Those bank stocks went up between 0.4 percent and 5.9 percent.

Shares of brokerage and insurance companies also performed well with gainers including insurance firms PVI Holdings (PVI) and Vietnam National Reinsurance (VNR), and brokerages Agribank Securities (AGR), Sài Gòn-Hà Nội Securities (SHS) and VNDirect Securities (VND).

Other sectors with strong growth on July 28 included property developers, construction companies, agriculture firms and retailers.

Though the stock market recovered on both local exchanges after having slightly fallen on Thursday, investors will remain cautious with the market conditions in the coming sessions, BIDV Securities (BSC) wrote in its daily report.

“Investors will focus their money on large-cap stocks, which are secure assets in their liquidity and financial status, and the stock market will have a chance to overcome the level of 780 points.” ./.