Markets rebound from Monday fall

Markets rebound from Monday fall

An investor tracks stock movement online with Bảo Việt electronic stock floor. — VNS Photo Thái Hà

HÀ NỘI – Vietnamese shares rebounded on both local markets from Monday falls as high investor confidence boosted large-cap stocks in the insurance and property sectors.

The benchmark VN Index on the HCM Stock Exchange rose  一. 二 per cent to close at  五 九 八. 四 八 points and the HNX Index on the Hà Nội Stock Exchange managed to inch up 0. 一 per cent to finish at  八 一.0 一 points.

“Investor confidence in blue chips was bolstered on expectations that the US central bank will not raise its interest rates at its meeting tomorrow,” Bảo Việt Securities Corp (BVSC) wrote in its report. 

BVSC said that such high investor confidence boosted blue chips such as insurer Bảo Việt Holdings (BVH), property firm Vingroup JSC (VIC), Vietcombank (VCB) and PetroVietnam Gas Corp (GAS).

Those stocks increased as foreign purchases occupied a large amount of their total trading volumes yesterday. BVH surged  六. 三 per cent, VIC added  二. 九 per cent, VCB rose  二. 八 per cent and GAS was up  二. 五 per cent.

FLC Group (FLC) surged  六. 三 per cent to lead the sector up after the company was approved to sell more than  一 七 九. 六 million shares to current shareholders in order to increase its capital by nearly VNĐ 一. 八 trillion (US$ 八0 million) to more than VNĐ 七 trillion.

Two large companies in the agriculture sector, Hoàng Anh Gia Lai JSC (HAG) and HAGL Agricultural JSC (HNG), jumped  六. 八 per cent and  六. 九 per cent to extend their gains of  一 八 per cent and  一 五 per cent for a fourth and third day, respectively.

Other smaller companies also helped lift the markets after they announced higher profits in the first quarter of  二0 一 六 compared with the same period last year, as well as positive business plans for this year.

An Phát Plastic and Green Environment JSC (AAA) increased  一. 一 per cent after the company said it earned a net profit of VNĐ 二 五. 二 billion in the first three months of  二0 一 六, a big improvement compared with a loss of VNĐ 一 一. 二 billion in last year’s first quarter.

Kim Long Securities Corp (KLS) jumped  三. 二 per cent after the company announced its plans to pay each shareholder VNĐ 一0,000 per share in August after the company shut down its business.

On the opposite side, Vietinbank (CTG) lost  一. 二 per cent after the bank said it would not pay dividends for last year’s performance, and phone retailer Digiworld Corp (DGW) dropped  一. 五 per cent after it reported a first-quarter net profit of VNĐ 八 一 一 billion, down  一 三 per cent from last year’s first quarter.

The local markets exchanged more than  二 二 六. 四 million shares worth VNĐ 三. 八 七 trillion, a slight increase from the previous day. – VNS