Shares rose on both local bourses on January 11 as bank stocks bounced back on expectations for positive 2016 earnings reports and energy firms recovered on upward moves in oil prices.
Investors during a trading session at Asia Commercial Bank Securities Company (Photo: VNA)
Hanoi (VNA)- Shares rose on both local bourses on January 11 as bank stocks bounced backon expectations for positive 2016 earnings reports and energy firms recoveredon upward moves in oil prices.
The benchmark VN Index on the HCM Stock Exchange gained 0.9 percent to close at687.16 points. The southern bourse index on January 10 fell 0.2 percent afterrallying 2.9 percent in seven days.
The HNX Index on the Hanoi Stock Exchange continued to advance for a fourthsession, adding 0.5 percent to end at 83.49 points. The northern market indexhas increased by 2.7 percent since January 5.
More than 132 million shares were traded on both local bourses, worth 2.7trillion VND (120.66 million USD).
Bank stocks continued to play key role to lift the national stock market up.Six of the nine listed banks made gains, including Asia Commercial Bank (ACB),BIDV (BID) and Vietinbank (CTG).
Those bank stocks rose 2.9 percent, 3.1 percent and 4.7 percent, respectively.BID was also the most active stock with nearly 7.3 million of its shares beingexchanged.
According to Nguyen Ngoc Lan, Agribank Securities Company’s head of brokeragedivision, bank stocks may extend their gains this year as investors are bettingon their positive earnings reports for 2016.
“Bank stocks are also supported by some information such as the decisionof the central bank to allow Vietcombank, BIDV and Vietinbank - the threeState-owned commercial banks – to increase their lending-deposit ratio by 10percent to 90 percent, the market speculations on the restructuring ofweak-performing banks, and the raising of foreign ownership in bank capital,”Lan said.
In addition, higher global crude prices helped push energy stocks up, includingPetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Services Corp (PVD)and PetroVietnam Technical Services Corp (PVS). Those three stocks added 0.6percent in average.
Brent crude was up 0.6 percent to trade at near 54 USD a barrel and US crudeWTI advanced 0.7 percent to trade at 51.15 USD a barrel.
Other large-cap stocks also closed in positive territory, including Bao MinhInsurance Corp (BMI), insurer-finance group Bao Viet Holdings (BVH), brewerSabeco (SAB), dairy producer Vinamilk (VNM) and real estate corporationVingroup (VIC).-VNA
The benchmark VN-Index will soon face resistance at 680 to 690 points, as short-term profit-taking activities are forecast to intensify early this week.
Open-end funds operating in Vietnam have recorded a positive 2016 with rate of returns of some funds outperforming the growth of the benchmark VN-Index on the HCM Stock Exchange.
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Investors during a trading session at Asia Commercial Bank Securities Company (Photo: VNA) 
