Foreign investment helps stock market

16:38 | 12/05/2017 Finance - Banking

Vietnam’s key VN Index extended growth for a second day on May 10 as bank stocks were boosted by strong foreign investment.

Brokers at FPT Securities Company in Hanoi (Photo: VNA)

The benchmark index on the HCM Stock Exchange gained 0.30 percent to close at 724.31 points. It has advanced total 0.8 percent after the last two sessions.

Market trading liquidity remained stable with more than 228 million shares traded, worth 4.52 trillion VND (201.2 million USD). The figures were almost unchanged in comparison with May 9’s numbers.

Foreign investors posted a net buy value of 87.6 billion VND, which was a big improvement compared to the net foreign sell value of 81.5 billion VND made on the previous day.

Foreign investment on May 10 focused on the banking industry, making it the strongest growing industry among 20 sectors in the stock market with the sector index gaining 1.5 percent, according to vietstock.vn.

According to Sai Gon-Hanoi Securities (SHS), there were two bank stocks in the top five that received net foreign buy values, which were Sacombank (STB) and Vietcombank (VCB).

Other sectors such as rubber producers, energy firms and food and beverage companies also performed well.

Property stocks remained positive with the growth of Novaland (NVL), Hoang Quan Consulting-Trading-Service Real Estate (HQC), Kinh Bac City Development Holding (KBC) and Sai Gon Thuong Tin Real Estate (SCR).

HQC and SCR were the two most active stocks on the southern bourse with more than 14 million and 10 million shares exchanged, respectively. HQC gained 0.8 percent while SCR surged 6.9 percent.

Theo VNA