Banks, energy firms push market up

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Banks, energy firms push market up

Vietnam News - 1/12/2017 10:06:42 AM

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Shares rose on both local bourses yesterday as bank stocks bounced back on expectations for positive 2016 earnings reports and energy firms recovered on upward moves in oil prices.

The benchmark VN Index on the HCM Stock Exchange gained 0.9 per cent to close at 687.16 points. The southern bourse index on Tuesday fell 0.2 per cent after rallying 2.9 per cent in seven days.

The HNX Index on the Hà Nội Stock Exchange continued to advance for a fourth session, adding 0.5 per cent to end at 83.49 points. The northern market index has increased by 2.7 per cent since January 5.

More than 132 million shares were traded on both local bourses, worth VNĐ2.7 trillion (US$120.66 million).

Bank stocks continued to play key role to lift the national stock market up. Six of the nine listed banks made gains, including Asia Commercial Bank (ACB), BIDV (BID) and Vietinbank (CTG).

Those bank stocks rose 2.9 per cent, 3.1 per cent and 4.7 per cent, respectively. BID was also the most active stock with nearly 7.3 million of its shares being exchanged.

According to Nguyễn Ngọc Lan, Agribank Securities Company’s head of brokerage division, bank stocks may extend their gains this year as investors are betting on their positive earnings reports for 2016.

“Bank stocks are also supported by some information such as the decision of the central bank to allow Vietcombank, BIDV and Vietinbank - the three State-owned commercial banks – to increase their lending-deposit ratio by 10 per cent to 90 per cent, the market speculations on the restructuring of weak-performing banks, and the raising of foreign ownership in bank capital,” Lan said.

In addition, higher global crude prices helped push energy stocks up, including PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Services Corp (PVD) and PetroVietnam Technical Services Corp (PVS). Those three stocks added 0.6 per cent in average.

Brent crude was up 0.6 per cent to trade at near $54 a barrel and US crude WTI advanced 0.7 per cent to trade at $51.15 a barrel.

Other large-cap stocks also closed in positive territory, including Bảo Minh Insurance Corp (BMI), insurer-finance group Bảo Việt Holdings (BVH), brewer Sabeco (SAB), dairy producer Vinamilk (VNM) and real estate corporation Vingroup (VIC).

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