Illustrative image (Source: VNA)Hanoi (VNA) - Shares advanced onboth local exchanges on January 24, driven by bank and energy stocks asinvestor confidence was positive for companies releasing good earnings reports.
The benchmark VN Index on the HCM Stock Exchangeadded 0.6 percent to close at 691.36 points. The southern market index hasincreased by total 1.3 percent in the last three sessions.
The HNX Index on the Hanoi Stock Exchange gained0.9 percent to end at 83.74 percent. The northern market index bounced backfrom a fall of 0.3 percent on Monday.
Banks and energy firms had the strongest impacton the market yesterday.
Bank stocks continued to improve on expectationsthat more local banks will be traded on the stock market, the restructuring ofthe banking system will help the sector meet international standards and theGovernment will soon reduce its ownership in local banks, cafef.vn reported.
Seven of the nine listed banks advanced onJanuary 24. Sacombank (STB) jumped 3.1 percent and Asia Commercial Bank (ACB)rose 2.6 percent, the best growth rates among bank stocks, while others such asVietcombank (VCB) and Military Bank (MBB) were up between 0.9 percent and 2.2 percent.
Energy stocks also performed well as oil pricesremained positive during the Asia trading session. US crude was being traded at52.96 USD a barrel, up 0.4 percent from January 23 and 3.7 percent from January18.
Oil prices are expected to increase this year toover 60 USD a barrel and that could help boost the performance of energy firmsin Vietnam.
In the energy sector, PetroVietnam Gas Corp(GAS) rose 2.6 percent, PetroVietnam Drilling and Well Services Corp (PVD)jumped 3.5 percent and PetroVietnam Mud Drilling Corp (PVC) was up 1.2 percent.
In addition, investor confidence was alsobolstered by positive earnings reports released by some of the listed firmssuch as Coteccons Construction JSC (CTD) and Digiworld Corporation (DGW).
Coteccons in 2016 recorded a post-tax profit of 1.42trillion VND, nearly double 2015’s number. Digiworld Corp saw a post-tax profitof 65 billion VND, a yearly increase of 7 percent.
Market trading liquidity remained modest fromthe previous sessions ahead of Tet (Lunar New Year) holiday asinvestors held on to their cash and were unwilling to make further investmentsto avoid risks. Nearly 114.6 million shares were traded worth nearly 2.1trillion VND.-VNA
The benchmark VN Index on the HCM Stock Exchangeadded 0.6 percent to close at 691.36 points. The southern market index hasincreased by total 1.3 percent in the last three sessions.
The HNX Index on the Hanoi Stock Exchange gained0.9 percent to end at 83.74 percent. The northern market index bounced backfrom a fall of 0.3 percent on Monday.
Banks and energy firms had the strongest impacton the market yesterday.
Bank stocks continued to improve on expectationsthat more local banks will be traded on the stock market, the restructuring ofthe banking system will help the sector meet international standards and theGovernment will soon reduce its ownership in local banks, cafef.vn reported.
Seven of the nine listed banks advanced onJanuary 24. Sacombank (STB) jumped 3.1 percent and Asia Commercial Bank (ACB)rose 2.6 percent, the best growth rates among bank stocks, while others such asVietcombank (VCB) and Military Bank (MBB) were up between 0.9 percent and 2.2 percent.
Energy stocks also performed well as oil pricesremained positive during the Asia trading session. US crude was being traded at52.96 USD a barrel, up 0.4 percent from January 23 and 3.7 percent from January18.
Oil prices are expected to increase this year toover 60 USD a barrel and that could help boost the performance of energy firmsin Vietnam.
In the energy sector, PetroVietnam Gas Corp(GAS) rose 2.6 percent, PetroVietnam Drilling and Well Services Corp (PVD)jumped 3.5 percent and PetroVietnam Mud Drilling Corp (PVC) was up 1.2 percent.
In addition, investor confidence was alsobolstered by positive earnings reports released by some of the listed firmssuch as Coteccons Construction JSC (CTD) and Digiworld Corporation (DGW).
Coteccons in 2016 recorded a post-tax profit of 1.42trillion VND, nearly double 2015’s number. Digiworld Corp saw a post-tax profitof 65 billion VND, a yearly increase of 7 percent.
Market trading liquidity remained modest fromthe previous sessions ahead of Tet (Lunar New Year) holiday asinvestors held on to their cash and were unwilling to make further investmentsto avoid risks. Nearly 114.6 million shares were traded worth nearly 2.1trillion VND.-VNA
VNA
