Hanoi (VNA)
– Vietnamese shares extended gains for a third day in both local markets on June
30, boosted by high investor expectations for good corporate second quarter
earnings reports.
The benchmark VN Index on the Ho Chi Minh Stock
Exchange advanced 0.61 percent to close at 776.47 points.
The HNX Index on the Hanoi Stock Exchange
added 0.35 percent to end at 99.14 points.
Both local stock indices have extended
rallies to a third session with total growth of 1.1 percent each.
The three-day increase also helped the
indices grow approximately 1 percent week on week.
More than 239.7 million shares were traded on
both bourses, worth 4.5 trillion VND (200.4 million USD).
Large-cap stocks were the major factor that
lifted the stock market. 15 stocks in the VN30 Index rose.
The biggest gainers among those blue chips
included dairy producer Vinamilk (VNM), steel producer Hoa Phat Group (HPG),
property developer Vingroup (VIC), Vietcombank (VCB) and Sai Gon Securities
(SSI).
Securities companies pointed out that high
investor expectations on companies’ second-quarter profit reports was the force
that pushed the market indices.
The stock market is moving toward quarterly
earnings reports season, Vietnam Investment Securities Co (IVS) said in a note.
So far, none of the listed companies have
published their earnings reports for the second quarter, but some have
announced their results for May, IVS said.
Shares of companies like Sai Gon Securities,
HCM City Securities, Refrigeration Electrical Engineering Co and Hoa Binh
Construction Group Joint Stock Co are forecast to rise further based on the
market expectation, the brokerage added.
Investor confidence in shares of brokerage
firms has improved in the second quarter, as market trading liquidity rose in
comparison to the first quarter, increasing chances for those companies to have
higher earnings from share trading activities.
Total trading value on the three exchanges
since the beginning of the second quarter has reached 270 trillion VND, an
increase of 36 percent from the first quarter and 70 percent year on year,
online newspaper tinnhanhchungkhoan.vn reported on June 30.
The figure is forecast to rise further in the
remaining months, especially when the derivatives market comes into operation
in August, bringing more investment opportunities for investors, Nguyen Duc Hung
Linh, SSI analyst said.
In addition, energy stocks were supported by
higher oil prices. Brent crude gained 0.6 percent to trade at 47.7 USD a
barrel.-VNA