Viet Nam shares rise for third day

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Viet Nam shares rise for third day

Vietnam News - 8/28/2015 9:59:57 AM

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Vietnamese shares extended gains for a third day yesterday, fueled by a sharp rebound of banks and energy companies, as well as a strong recovery in Asian and US markets.

The benchmark VN-Index on the HCM Stock Exchange rose 1.8 per cent, to close the session at 555.81 points. On the Ha Noi Stock Exchange, the HNX-Index also edged up 0.7 per cent to end at 77.02 points.

"The Vietnamese market is still being affected by global financial volatility," said Nguyen Xuan Binh, an analyst at brokerage Bao Viet Securities Co.

Global stock markets have bounced back from sharp declines at the beginning of this week. China's main stock index jumped 5.3 percent yesterday after the Dow Jones Industrial Index gained almost 4 per cent Wednesday, the highest jump in the past four years.

However, the VN-Index is still down almost 10 per cent since August 11, when China first devalued its currency, while the HNX-Index has slumped 8 per cent.

The overall market condition was positive yesterday with 43 per cent of a total 674 stocks in the two markets advanced while less than 20 per cent declined.

Oil and gas companies lead yesterday's gainers.

The second biggest company by market capitalization, PV Gas (GAS), hit the daily limit of a 7 per cent rise for a second day on HCM City's exchange to VND44,400 (US$1.97) a share. Its trade accounted for 7 per cent of total market's size yesterday while its market capitalization reached over VND84.1 trillion ($3.7 billion).

It suffered a five-day fall before a rebound on Wednesday, following the rebound of global oil prices. US crude oil bounced 2.2 per cent yesterday to $39.45 a barrel while Brent added 2.3 per cent to $44.11.

Apart from GAS, PetroVietnam Drilling and Wells Service (PVD) also increased over 5 per cent.

Banks also performed well yesterday as six of nine listed banks gained value. Vietinbank (CTG) was the biggest gainer with a 3.7 per cent increase.

Liquidity jumped yesterday with a total of over 191 million shares worth VND2.63 trillion ($116.9 million) being traded on the two exchanges, higher than the monthly average in August of 138 million shares and VND1.12 trillion ($49.8 million).

According to Tran Nhat Nam, director of E-Securities Department at Techcombank Securities Co, the market will be volatile and unpredictable in the next one to three months as investors eye the forex policy, despite the reassurance of the central bank that it will not make any further depreciation of the dong this year.

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