The benchmark VN Index on the HCM Stock Exchange gained 0.3 percent to close at 572.81 points, and the HNX Index on the Hanoi Stock Exchange inched up 0.1 percent to end at 80.46 points.(Source:VNA)Hanoi (VNA) - Vietnamese shares rose on both local exchanges on March 23, led by mining companies and automobile firms.
The benchmark VN Index rebounded 0.7 percent to close at 574.71 points from a three-day fall of 1.4 percent.
The HNX Index on the Hanoi Stock Exchange gained 0.3 percent to finish at 80.57 points, extending a two-day gain of 0.3 percent.
Mining companies and automobile firms were the factors that lifted both local markets on March 23.
In the mining industry, Bac Giang Exploitable Mineral JSC (BGM) rose 2.9 percent, Binh Dương Mineral and Construction JSC (KSB) jumped 3.6 percent and KSH Investment and Development JSC (KSH) surged 5.9 percent.
Among automobile companies, Truong Lon Auto and Technology JSC (HTL), and TMT Automobile JSC (TMT) advanced 6.7 percent and 6.8 percent, respectively, while auto part supplier Saigon General Service Corporation (SVC) added 3 percent.
Vietnam’s central bank on March 22 proposed that the Government extend the deadline for the disbursement of the housing stimulus package worth 30 trillion VND (1.3 billion USD), which aims to help low-income earners buy and rebuild houses. It will expire at the end of May.
Stocks in property developers and construction companies rose on expectations that the Government will approve the central bank’s proposal.
The property sector was lifted by FLC Group (FLC), Kinh Bac City Development Share Holding Corporation (KBC) and Sao Mai Group Corporation (ASM), which gained 1.5 percent, 3.2 percent and 1.8 percent, respectively.
Among construction companies, Cotec Construction JSC (CTD) added 2.3 percent, HCM City Infrastructure Investment JSC (CII) rose 1.7 percent and Tasco JSC (HUT) increased by 1 percent.
Other large-cap stocks also helped raise local indices such as dairy firm Vinamilk (VNM), food and beverage producer Masan Group (MSN) and PetroVietnam Gas Corporation (GAS). These stocks advanced 0.8 percent, 2.9 percent and 2 percent.
On the opposite side, steel makers such as Hoa Sen Group (HSG) and Hoa Phat Group JSC (HPG) fell as steel prices declined amid a market glut.
Among banks, Vietcombank (VCB) dropped 1 percent, the Asia Commercial Bank (ACB) was down 0.6 percent and Saigon-Hanoi Bank (SHB) declined 1.5 percent.
Banks also fell as the US dollar continued to strengthen against other currencies on expectations that the US central bank may raise interest rates at a higher speed and the US economy will improve.
On March 23, Vietnam’s central bank raised its reference mid-point rate for exchange trading bands by 8 VND to 21,861 VND for a dollar.
Both local markets traded more than 205.3 million shares worth 2.7 trillion VND (120.8 million USD), a slight increase from March 22’s trading value.-VNA
