Energy, banks drive up VN Index

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VN-INDEX

1,273.11

+4.33/+0.34%

HNX-INDEX

241.54

+1.53/+0.64%

UPCOM-INDEX

93.07

+0.37/+0.40%

Energy, banks drive up VN Index

Vietnam News - 1/10/2017 1:12:12 PM

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Shares extended rallies on the two local exchanges on January 9, driven by finance-banking and energy stocks.

The benchmark VN Index on the HCM Stock Exchange edged up 0.4 percent to close at 682.57 points. The southern bourse index has gained a total 2.9 percent in the last seven sessions.

The HNX Index on the Hanoi Stock Exchange rose 0.7 percent to end at 82.7 points, increasing a total 1.7 percent in the last two trading days.

Nearly 128 million shares were exchanged on January 9 on both bourses, worth 2.85 trillion VND (126.77 million USD).

Bank stocks continued to lift the market, with six of the nine listed banks making good gains. Asia Commercial Bank (ACB) performed the best among those six bank stocks, jumping 3.5 percent on January 9.

Other large-cap banks, such as Bank for Investment and Development of Viet Nam (BID), Vietcombank (VCB), Vietinbank (CTG) and Sacombank (STB) rose between 2.1 percent and 2.9 percent.

BID was also the most active stock, with more than 6.1 million of its shares traded, followed by Hoang Anh Gia Lai Corp (HAG) and property developer FLC Group (FLC).

Energy stocks were also positive, driven by gains of PetroVietnam Coating Corp (PVB), PetroVietnam Mud Drilling Corp (PVC) and PetroVietnam Technical Services Corp (PVS). PVB added 1 percent, PVC advanced 1.2 percent and PVS rose 2.9 percent.

The brokerage sector also did well, driven up by Saigon-Hanoi Securities Corp (SHS), Saigon Securities Inc (SSI) and BIDV Securities Inc (BSI).

The Hanoi Stock Exchange announced on January 9 that SHS and SSI brokerage firms had the biggest market shares on the northern bourse. SHS yesterday surged 8.8 percent and SSI rose 1 percent.

On the flip side, Saigon Beer, Alcohol and Beverage Corp (SAB) and Saigon -Hanoi Bank (SHB) were the major factors that prevented the national stock market from rising higher.

SAB fell 0.5 percent and SHB dropped 2.1 percent. SAB had gained 4.5 percent in the previous two days and SHB retreated from a 4.3 percent jump on January 6.

According to SHS, the VN Index may rise to test the resistance mark of 684 points in the next session, and the nearest support level for the benchmark would be 677 points.

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