VN-Index up for a second day

Vietnamese shares advanced on both local markets on May 11, led by large-cap stocks such as banking, insurance and technology firms.

The benchmark VN Index on the HCM Stock Exchange rose 1.5 percent to finish at 614.06 points, extending a gain of 1.7 percent for a second day running.

An investor on the Asia Commercial Bank Securities Company’s exchange platform.

The HNX Index on the Hanoi Stock Exchange rebounded 0.3 percent to end at 80.41 points after the northern index declined on the previous day.

The flow of investment distributed evenly among all listed companies, resulting in 17 of 20 sectors making gains on May 11.

“Large-cap stocks in the property, insurance and banking sectors were the centre of attention for investors that helped boost both local markets,” Maritime Securities Inc (MSI) wrote in its daily report.

The insurance sector was lifted by Bao Viet Holdings (BVH), Petrolimex Insurance Corp (PGI) and BIDV Insurance Corp (BIC). These stocks added 3.4 percent, 3.5 percent and 2.2 percent, respectively.

The biggest property companies such as Vingroup JSC (VIC), FLC Group and Sông Đà Urban and Industrial Zone Investment and Development JSC (SJS) saw their stocks make progress during the session.

VIC increased by 2.9 percent while FLC and SJS gained 1.6 percent and 1.8 percent at the end of the day’s trading.

Additionally, Vietcombank (VCB), Vietinbank (CTG) and the Bank for Investment and Development of Việt Nam (BID) continued their good runs to provide support for markets.

VCB edged up 0.8 percent, CTG jumped 3.4 percent and BID gained 1.6 percent.

Two of the largest stocks on Vietnam’s stock market, dairy firm Vinamilk (VNM) and food producer Masan Group (MSN), increased by 2.1 percent and 0.7 percent, respectively.

In addition, Truong Thanh Furniture Corp (TTF) and steel producer Hoa Phat Group JSC (HPG) improved after the markets witnessed a large amount of these companies’ shares being traded through negotiations.

TTF surged 6.6 percent after more than 41.5 million shares of the company, worth 994.5 billion VND (44.2 million USD), were exchanged, and HPG jumped 3 percent after more than 10 million shares of the company, worth 320 billion VND, were traded.

Other companies with positive business news also helped boost the markets such as PetroVietnam Fertiliser and Chemicals Corp (DPM), Da Nang Rubber JSC (DRC) and Tien Len Steel Group JSC (TLH).

Both local bourses saw nearly 202.6 million shares in trading, worth nearly 3.9 trillion VND.