Vietnamese shares extend gains on both local markets
The benchmark VN Index on the HCM Stock Exchange rose 1.1 percent to finish at 614.50 points, totaling a two-day gain of 1.7 percent.
Vietnamese shares on May 30 extended gains from May 27 on both local markets as listed real-estate firms reacted positively to the latest circular issued by Vietnam's central bank.
The benchmark VN Index on the HCM Stock Exchange rose 1.1 percent to finish at 614.50 points, totaling a two-day gain of 1.7 percent.
The HNX Index on the Hanoi Stock Exchange inched up 0.2 percent to close at 81.53 points, up 0.6 percent for a second day.
"Listed real estate firms responded positively to the circular issued by the central bank on May 27, which aims to tighten banks' lending policy to the property sector," Bao Viet Securities Corp (BVSC) wrote in its daily report.
The latest circular is "less fierce than expected" as it will not post significant impact on the property sector and affect the recovery of the economy, BVSC said.
Among property developers, Vingroup JSC (VIC) jumped 3.9 percent, FLC Group (FLC) added 1.6 percent, Tan Tao Investment Industrial JSC (ITA) gained 2.3 percent, and Saigon Thuong Tin Real Estate JSC (SCR) was up 1.1 percent.
The improvement of the property firms also helped lift steel producers such as Hoa Phat Group (HPG), Tien Len Steel Group JSC (TLH) and Vietnam-Germany Steel Pipe JSC (VGS). These stocks advanced 1.5 percent, 2.6 percent and 4.7 percent, respectively.
Additionally, banks also benefited from the latest circular. All three largest banks on the markets – Vietcombank (VCB), Vietinbank (CTG) and the Bank for Investment and Development of Vietnam (BID) – increased.
VCB jumped 3.3 percent, while CTG and BID increased by 1.1 percent and 1.7 percent, respectively.
Financial service providers, including Saigon Securities Inc (SSI), HCM City Securities Corp (HCM), VNDirect Securities Corp (VND) and FIT Investment JSC (FIT), also helped boost the two local exchanges.
SSI and HCM jumped 3.9 percent and 3.6 percent, respectively, VND was up 2.6 percent and FIT gained 1.1 percent.
Other blue chips also made gains such as PetroVietnam Gas Corp (GAS), insurer Bao Viet Holdings (BVH), and Da Nang Rubber JSC (DRC). These stocks moved up between 0.9 percent and 1.6 percent.
Both exchanges traded more than 162.8 million shares worth 2.45 trillion VND (108.9 million USD), an increase of 6.8 percent from May 27's trading value.
Source: Vietnamplus
