Business

Banks push VN Index to new high

Vietnamese shares rose for a second day on both local exchanges on March 24, driven by banking-finance and energy stocks following speculations on a local bank’s divestment from its sub unit and slight increase in oil prices.
Banks push VN Index to new high ảnh 1

An investor watches stock movements (Source: tinnhanhchungkhoan.vn)


Hanoi (VNA) - Vietnamese shares rose for a second day on both localexchanges on March 24, driven by banking-finance and energy stocks followingspeculations on a local bank’s divestment from its sub unit and slight increasein oil prices.

Thebenchmark VN Index on the HCM Stock Exchange edged up 0.4 percent to close at722.14 points, reaching a fresh ten-year high. The southern market index hasgained a total of 1.3 percent in the last two days.

TheHNX Index on the Hanoi Stock Exchange advanced 1.6 percent, the highest dailygrowth since January 3, to end at 91.37 points. The northern market index hasincreased by a total of 1.8 percent after two sessions.

TheMarch 24 gains also helped the VN Index and the HNX Index finish up 1.6 percentand 3.4 percent, respectively, compared to the previous week’s closing levels.

Markettrading liquidity remained high with more than 283.7 million shares beingexchanged, worth 5.25 trillion VND (233.5 million USD). The trading figuresrose sharply from the previous day’s numbers.

Themarket on March 24 was driven up by banking-financial stocks and energy shares,followed by other sectors such as food and beverage producers.

Saigon-HanoiBank (SHB) led the banking sector’s growth, hitting the daily trading growthlimit of 9.6 percent on speculations that the bank may sell nearly half of itsownership in the joint financial arm to foreign investors.

Amongother bank stocks, Asia Commercial Bank (ACB) and Bank for Investment andDevelopment of Vietnam (BID) were up 2.4 percent and 2.6 percent, respectively,and Vietinbank (CTG) and MBBank (MBB) added 1.1 percent and 1.6 percent.

Brokerageand insurance companies also performed well, including insurance-finance group BaoViet Holdings (BVH), MB Securities Company (MBS), Saigon Securities Inc (SSI)and VNDirect Securities Corp (VND).

Energystocks also had a good trading day on a slight increase in global oil prices.Brent crude went up 0.6 percent to trade at 50.85 USD a barrel after havingslid 2 percent in the previous three sessions.

Amonglocal energy stocks, PetroVietnam Gas Corp (GAS) added 2.4 percent,PetroVietnam Drilling and Well Services Corp (PVD) were up 0.5 percent andPetroVietnam Technical Services Corp (PVS) rose by 1.1 percent.-VNA
VNA
#share#stock market#bank divestment#oil prices#VN Index#HNX Index
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