Vietnam’s stocks, investor confidence rise hinh anh 1The benchmark VN Index rebounded 0.7 per cent to close at 575.91 points after declining by 0.8 per cent in the previous two trading sessions. (Photo:

Hanoi (VNA) - Vietnamese shares rose on both local markets on March 10. Financial firms, including banks, insurance companies and brokerage firms, made gains.

The benchmark VN Index rebounded 0.7 percent to close at 575.91 points after declining by 0.8 percent in the previous two trading sessions.

The HNX Index on the Hanoi Stock Exchange also rose 0.7 percent to close at 79.89 points, extending a two-day gain of 1 percent.

Better investor confidence on March 10 bolstered the financial sector on expectations that the European Central Bank (ECB) may ease its financial policy and buy more securities from the market every month, Bao Viet Securities Corporation (BVSC) wrote in its daily report on March 10.

The financial sector was lifted by the Bank for Investment and Development of Vietnam (BID), Saigon-Hanoi Bank (SHB), Bao Minh Insurance Corporation (BMI) and BIDV Insurance Corporation (BIC), which rose 1.7 percent, 1.4 percent, 2.7 percent, and 2.4 percent, respectively.

Brokerage firms also increased, including Bao Viet Securities Corporation (BVS), HCM City Securities Corporation (HCM), Saigon-Hanoi Securities Corporation (SHS) and Saigon Securities Incorporation (SSI). These stocks added 1.5 percent, 4.4 percent, 2.7 percent and 1.7 percent, respectively.

Property stocks also helped boost the markets from gains on March 9. Among property companies, Hoang Anh Gia Lai JSC (HAG) jumped 4.9 percent, while Kinh Bac City Development Share Holding Corporation (KBC) and FLC Group (FLC) advanced 1.5 percent each.

Additionally, energy stocks extended gains on recent rallies in global oil prices. US benchmark West Texas Intermediate (WTI) on March 10 dropped 1 percent to trade at 37.90 USD a barrel, however WTI surged nearly 45 percent, a month from its twelve-year low.

Among local energy stocks, PetroVietnam Gas Corporation (GAS) gained 1.8 percent, while PetroVietnam Drilling and Well Service Corporation (PVD) and PetroVietnam Mud Drilling Corporation (PVC) jumped 3 percent and 3.4 percent each.

Other large-cap stocks also helped raise the markets, including software provider FPT Corporation (FPT), and steel makers Hoa Phat Group (HPG), Hoa Sen Group Corporation (HSG), and Phuoc Hoa Rubber JSC (PHR).

Both local markets traded nearly 198 shares worth 3 trillion VND (132 million USD), an increase of 18 percent from March 9's trading value.-VNA