The VN Index on the HCM Stock Exchange advanced further on January 23 after banks and some large-cap companies released their quarterly and yearly earnings reports, boosting investor confidence.
Underwriters at the Hanoi Stock Exchange. (Photo: VNA)
Hanoi (VNA) - The VN Index on the HCM Stock Exchange advancedfurther on January 23 after banks and some large-cap companies released theirquarterly and yearly earnings reports, boosting investor confidence.
The benchmark inched up 0.1 percent to close at 687.15 points, extending itsgain of total 0.7 percent for a second day.
The banking sector was lifted by Vietcombank (VCB), Vietinbank (CTG) and Bankfor Investment and Development of Vietnam (BID) with growth rates ranging from0.3 percent to 2.2 percent.
Vietcombank late last week announced its net profit for 2016 was 6.82 trillionVND (303.3 million USD), a yearly rise of 28 percent. Vietinbank early thismonth estimated a profit of 8.25 trillion VND for last year, an increase of 12percent from 2015.
In the rubber industry, Dong Phu Rubber JSC (DPR) and Tay Ninh Rubber JSC (TRC)also contributed to the market’s gain after posting positive post-tax profitsfor the fourth quarter of 2016.
DPR recorded a post-tax profit of 69 billion VND in the fourth quarter, anannual increase of 163 percent, while TRC saw its figure rise 27 percent to 150billion VND.
Among the 30 largest listed companies by marketcapitalisation, PetroVietnam Gas Corp (GAS) also recorded positive earnings for2016. The company reported a net profit of 7.07 trillion VND, exceeding lastyear’s targeted profit by 36 percent. The corporation’s shares edged up 0.7 percenton January 23.
Hoang Quan Consulting, Trading and Real Estate Services Joint Stock Corporation(HQC) surged 6.9 percent after the company announced last week it would buyback 50 million shares between January 25 and February 23.
On the opposite side, the HNX Index on the Hanoi Stock Exchange fell 0.3 percentto close at 83.01 points. The northern market index ended up 0.4 percent onJanuary 20.
Asia Commercial Bank (ACB), finance-insurancefirm PVI Holdings (PVI) and Vietnam Construction and Import-Export Corp (VCG)were the large-cap stocks that dragged the northern exchange down.
Market trading liquidity on both local exchanges continued to decline as “moneytends to flow out so that investors indulge in year-end consumption,” whilesome of them are waiting for a “clearer shot” to make their investments, BaoViet Securities Company said in a note.
More than 110.8 million shares were traded, worth 2.18 trillion VND, a declineof 8.2 percent in trading volume and 12 percent in trading value from lastweek’s daily average figures. -VNA
Shares declined for a second day on January 19 on the two national stock exchanges as traders stayed away to avoid losses before the market enters the seven-day Tet (Lunar New Year) holiday.
The stock market will likely remain quiet this week as investors hold back from making further purchases, lowering trading liquidity, brokerage companies say.
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Underwriters at the Hanoi Stock Exchange. (Photo: VNA) 
