Investors at VNDirect Securities in Hanoi. (Source: VNS)Hanoi (VNA) - Vietnamese shares rose on both local exchanges on January 6 as investors targeted stocks that have had large declines recently.
The benchmark VN Index on the HCM Stock Exchange gained 0.8 percent to close at 674.75 points, ending a three-day decline of 1.6 percent.
The HNX Index on the Hanoi Stock Exchange was up slightly by 0.3 percent to finish at 78.68 points after falling 1.9 percent during the previous two days.
The gains were attributed to a technical recovery after investors purchased large-cap stocks that had declined sharply in the previous three days, Sai Gon Ha Noi Securities Corporation (SHS) wrote in a report.
Those stocks included food and beverage producer Masan Group (MSN), which gained 1.3 percent after it had fallen 3.2 percent in the previous two days, dairy firm Vinamilk (VNM), which was up 0.8 percent after dropping 2.3 percent in two days, and food grower Hoang Anh Gia Lai JSC (HAG), which jumped 4.2 percent after pulling back 10.3 percent in four days.
Vietnam's stock markets also received support from positive moves on China's stock market after the Chinese Government calmed down local investors following a sharp decline on January 4 by extending a ban on stock sales by large shareholders, Bao Viet Securities Corporation (BVSC) said.
In addition, a flat Vietnamese dong helped bolstered investor confidence in financial firms, such as Vietcombank (VCB), insurer Bao Viet Holdings (BVH), the Bank for Investment and Development of Vietnam (BID) and Vietinbank (CTG), which gained 1.2 percent, 2.9 percent, 0.5 percent and 1.1 percent, respectively.
The US benchmark crude West Texas Intermediate (WTI) yesterday ended almost flat in global oil markets. However, the local energy sector suffered as WTI crude had dropped 2.1 percent on January 5 to close trading at 35.97 USD a barrel.
Both local markets traded more than 133 million shares for a value of nearly 2 trillion VND (87.8 million USD), slightly decreased from the previous trading value.-VNA
