Vietnam’s stocks rebound from six-day fall

Illustrative Image (Source: VNA)

Hanoi (VNA) - Vietnamese shares rebounded on July 27 after a six-day decline, led by large-cap stocks on the two local exchanges.

The benchmark VN Index on the HCM Stock Exchange rose 1.2 percent to close at 656.11 points after falling 3.7 percent in the previous six trading days.

The HNX Index on the Hanoi Stock Exchange edged up 0.2 percent to end at 83.70 points. The northern market index dropped 4.1 percent during the previous six sessions.

Banks, insurance companies and energy firms were the major stocks that helped push market up.

Joint Stock Commercial Bank for Foreign and Trade of Vietnam (VCB), Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG), and Joint Stock Commercial Bank for Investment and Development of Vietnam (BID) were the strongest gainers in the banking sector. These stocks advanced between 1.1 percent and 2.8 percent.

In the insurance sector, Bao Viet Holdings (BVH), BIDV Insurance Corp (BIC) and Vietnam National Reinsurance Corp (VNR) rose 1.7 percent, 3.7 percent and 2.6 percent, respectively.

Energy stocks, including PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Service Corp (PVD) and PetroVietnam Technical Services Corp (PVS) rebounded despite crude continued sliding on global exchanges. GAS was up 2.5 percent, PVD added 1.6 percent and PVS ended up 2.4 percent.

Other blue chips such as Sài Gòn Securities Inc (SSI), property developer Vingroup JSC (VIC), Tiền Phong Plastic JSC (NTP) and Vietnam Construction and Import-Export Corp (VCG) also advanced.

Gains were also seen in other mid-cap and small-cap stocks.

Binh Duong Mineral and Construction JSC (KSB) jumped 5.9 percent after Dream House Investment Corp (DRH) announced it would raise ownership in KSB to 51 percent from the current 20.2 percent. DRH yesterday closed up 1.9 percent.

Fish traders Hung Vuong Corp (HVG) and Vinh Hoan Corp (VHC) extended gains from the previous day after the two companies earlier this week reported higher earnings in the second quarter of the year.

Pharmaceutical companies also advanced, including Gemadept Corp (GMD), Domesco Medical Import Export JSC (DMC) and DHG Pharmaceutical JSC (DHG).

Investors traded more than 169 million shares worth 2.84 trillion VND (126.4 million USD), an increase of 18.5 percent from the July 26 trading value.-VNA