Vietnamese shares advanced on July 7 as investors were upbeat on an uncertain US interest rate increase and higher oil prices helped energy firms rebound.
Hanoi (VNA) - Vietnamese shares advanced on July𒀰 7 as investor꧅s were upbeat on an uncertain US interest rate increase and higher oil prices helped energy firms rebound.
The benchmark VN Index on the HCM Stock Exchange bounced back 1.8 percent from the slide on the previous day to finish at a fresh eight-year high of 661.12 points.
The HNX Index on the Hanoi Stock Exchange rallied for a fifth day, gaining 1.7 percent to close at 88.16 points. The northern market index has jumped 4.1 percent in the last five sessions.
Investor confidence was bolstered on expectations that the US central bank will take careful measures at the July meeting on whether it could raise interest rates or not.
“We believe that the US interest rates will remain unchanged in July and during the rest of this year,” Bao Viet Securities Corp (BVSC) wrote in its daily report.
The US central bank would want to make sure of stability for global financial markets, which have proved to be vulnerable after the Brexit vote on June 24, BVSC said.
A rate hike would be delayed until the central bank is able to assess all effects that Brexit may cause for the global economy, US central bank announced in the minutes of the June policy meeting.
Higher investor confidence boosted blue chips on the stock market, including Vietcombank (VCB), dairy firm Vinamilk (VNM), insurer Bao Viet Holdings (BVH), Vietinbank (CTG) and Sai Gon-Hanoi Bank (SHB).
VCB ended up 2 percent, VNM advanced 2.8 percent to the fresh highest value ever of VNĐ147,000 (US$6.53), BVH and CTG edged up 0.8 percent and 0.6 percent, respectively, and SHB rose 1.6 percent.
Energy firms such as PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Service Corp (PVD) and PetroVietnam Technical Service Corp (PVS) returned to positive territory as oil prices extended their recovery for a second day.
On the national stock markets, GAS jumped 3.9 percent, PVD increased by 1.3 percent and PVS was up 0.6 percent.
Listed companies that are expected to have higher earnings remained positive, including property developer Vingroup JSC (VIC), steel producers Hoa Sen Group (HSG) and Hoa Phat Group (HPG), and Tien Phong Plastic JSC (NTP).
Investors on both local exchanges traded nearly 216 million shares worth 4.12 trillion VND (183.4 million USD), an increase of 8 percent from the previous trading value.-VNA
Vietnamese shares rose higher on July 4 as investor confidence was bolstered by higher oil prices and expectations for better corporate earnings in the past three months.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
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The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
Vietnamese shares advanced on July 7 (Photo: VNA)
