Investors watch market movements at Sai Gon Securities’ trading floor. (Photo: VNA)
Hanoi (VNA)🦋 - Vietnamese shares continued positive trends on both local markets on April 6, led by energy stocks, as crude prices rose for a second day.
The benchmark VN Index on the HCM Stock Exchange advanced 1.3 percent to close at 567.79 points. The southern index gained 2.2 percent in the last two sessions.
The HNX Index on the Hanoi Stock Exchange added 0.5 percent to finish at 79.32 points, rallying 1.1 percent in the last three days.
The energy sector was the major factor that lifted the markets as global oil prices extended gains for a second day on hopes that an agreement on a production freeze could be reached without Iran's participation.
Among local energy stocks, PetroVietnam Gas Corporation (GAS) and PetroVietnam Mud Drilling Corporation (PVC) surged 4.9 percent and 4.6 percent, respectively.
PetroVietnam Drilling and Well Service Corporation (PVD) and PetroVietnam Technical Service Corporation (PVS) also made gains.
Additionally, a stable exchange rate set by Vietnam's central bank helped attract foreign investment in the stock markets and boost leading sectors such as banks, food and beverage producers, and insurance companies.
The central bank on April 6 set its reference mid-point rate for exchange trading bands at 21,857 VND per US dollar, an increase of 4 from VND from the previous day.
The mid-point rate dropped after the dollar weakened against other currencies following the US central bank's statement that it will carefully raise interest rates at a lower pace this year, and has been little changed in the last five trading days, while the forex rates set by local banks on April 6 remained the same or were lower than the previous day.
In the banking sector, the four biggest banks - Vietcombank (VCB), the Bank for Investment and Development of Viet Nam (BID), Vietinbank (CTG) and Sacombank (STB) - rose between 0.9 percent and 2.4 percent.
In the food and beverage sector, seafood companies Ntaco Corporation (ATA) and Hung Vuong JSC (HVG), and food producer Masan Group (MSN), added 6.8 percent, 2.9 percent and 0.7 percent, respectively.
Insurance companies such as BIDV Insurance Corporation (BIC), Bao Minh Insurance Corporation (BMI) and Bao Viet Holdings (BVH) advanced to drive markets up.
Textile firm Mirae JSC (KMR) surged 6.3 percent after the company said it will ask for approval from shareholders to lift foreign ownership in its capital to 100 percent.
Both local markets traded nearly 166 million shares worth 2.73 trillion VND (121.3 million USD), slightly lower than the April 5 trading value.-VNA
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Investors watch market movements at Sai Gon Securities’ trading floor. (Photo: VNA)
