VN shares end five-day decline

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VN shares end five-day decline

Vietnam News - 8/19/2015 9:08:42 AM

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Vietnamese shares rose yesterday, breaking a five-day losing streak, on gains in banks and insurers.

The VN Index on the HCM Stock Exchange rose by 1.2 per cent to close at 580.22 points.

Insurance firms and banks recorded the strongest gains among the 23 sectors in the market.

The index's nine banks rose an average of 2.1 per cent, led by BIDV (BID) (up 4.8 per cent) and Vietcombank (VCB) (up 3.7 per cent). Both banks reported sharp jumps last week in quarterly profit from a year earlier.

Bucking yesterday's trend was Eximbank (EIB), which fell 3.2 per cent after a 7 per cent loss on Monday. EIB topped market volume with 7.3 million shares traded. The bank reported last week that its pre-tax profit fell 87 per cent in the second quarter to VND29 billion (US$1.3 million) from the same period a year ago.

Insurance stocks rose an average of 4.2 per cent with Bao Viet Holdings (BVH) gaining 5.3 per cent, followed by BIDV Insurance Corporation (BIC) up 3.3 per cent and Bao Minh Insurance Corportion (BMI) adding 3.8 per cent.

Construction firm HCM City Infrastructure Investment Joint Stock Company (CII) jumped 7 percent, the most the exchange will allow in a day, after local media said some securities firms expect the VNM ETF Investment Fund would select CII into the fund's investment list in the third quarter of this year.

Trading volume fell to VND1.76 trillion ($79.6 million), down 8.2 per cent from Monday.

On the Ha Noi Stock Exchange, the HNX Index gained 0.8 per cent to close at 79.60 points. The northern market traded more than 40 million shares, worth VND478 billion ($21.6 million) – up 12.2 per cent from Monday.

Sai Gon-Ha Noi Bank (SHB) topped the market trading with more than 4 million shares traded and gained 2.8 per cent.

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