Vietnamese stocks up for second straight day

Vietnamese shares extended gains for a second session in both local markets on June 29, driven by the financial sector.

An investor at Vietcombank Securities Company. (Photo: VNA)

An investor at Vietcombank Securities Company. (Photo: VNA)

The benchmark VN Index on the HCM Stock Exchange advanced 0.35 percent to close at 771.75 points, marking a two-day increase of 0.5 percent.

The HNX Index on the Hanoi Stock Exchange added 0.45 percent to finish at 98.80 points. The northern market index has risen total 0.8 percent in two sessions.

More than 253.3 million shares were exchanged on both local bourses, worth 4.26 trillion VND (189.4 million USD).

Financial stocks with banks, brokerages and other large-cap companies were to thank for market gains on June 29, according to BIDV Securities (BSC).

Four of the nine bank stocks, MBBank (MBB), BIDV (BID), Vietcombank (VCB) and Asia Commercial Bank (ACB), advanced between 0.4 percent and 2.3 percent.

Local media reported that gains of bank stocks were caused by positive investor confidence after shares of Kien Long Bank started trading on the Unlisted Public Company Market (UPCoM) under symbol KLB on June 29 and soared 14 percent.

Brokerage firms that saw their share prices up included Saigon Securities Inc (SSI), BIDV Securities (BSI) and HCM City Securities (HCM).

The Hanoi Stock Exchange’s vice general director Nguyen Thi Hoang Lan said that the market regulator had completed preparations for the derivatives market and new products will be launched in August.

The three brokerages listed above would be able to trade derivatives products after the HNX granted them trading permits in May and June.

Other stocks that contributed to the gains were gas station operator Petrolimex (PLX), consumer goods producer Masan Group (MSN) and agriculture firms Hoang Anh Gia Lai (HAG) and HAGL Agrico (HNG).

The benchmark VN Index has approached the level of 770 points and the lift mainly came from blue-chip stocks as the VN30 Index, which covers the performance of the 30 largest companies by market capitalisation, rose 4.11 points and broke its short-term peak of 760 points, BSC said.

Cash continued to spread out among sectors, signaling that money remained active on the market, the brokerage said, adding that the VN Index is expected to move in the range of 770 and 775 points in the next few sessions.

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