Mining, auto stocks lift markets

2024.03.26 22:13:36

Mining, auto stocks lift markets

Investors follow transactions at VNDirect in Hà Nội. Mining companies and automobile firms were factors that lifted both local markets yesterday. - VNS Photo Việt Thanh

HÀ NỘI – Vietnamese shares rose on both local exchanges yesterday, led by mining companies and automobile firms.

The benchmark VN Index rebounded 0. 七 per cent to close at  五 七 四. 七 一 points from a three-day fall of  一. 四 per cent.

The HNX Index on the Hà Nội Stock Exchange gained 0. 三 per cent to finish at  八0. 五 七 points, extending a two-day gain of 0. 三 per cent.

Mining companies and automobile firms were the factors that lifted both local markets yesterday.

In the mining industry, Bắc Giang Exploitable Mineral JSC (BGM) rose  二. 九 per cent, Bình Dương Mineral and Construction JSC (KSB) jumped  三. 六 per cent and KSH Investment and Development JSC (KSH) surged  五. 九 per cent.

Among automobile companies, Trường Lon Auto and Technology JSC (HTL), and TMT Automobile JSC (TMT) advanced  六. 七 per cent and  六. 八 per cent, respectively, while auto part supplier Sài Gòn General Service Corporation (SVC) added  三 per cent.

Việt Nam’s central bank on Tuesday proposed that the Government extend the deadline for the disbursement of the housing stimulus package worth VNĐ 三0 trillion (US$ 一. 三 billion), which aims to help low-income earners buy and rebuild houses. It will expire at the end of May.

Stocks in property developers and construction companies rose on expectations that the Government will approve the central bank’s proposal.

The property sector was lifted by FLC Group (FLC), Kinh Bắc City Development Share Holding Corporation (KBC) and Sao Mai Group Corporation (ASM), which gained  一. 五 per cent,  三. 二 per cent and  一. 八 per cent, respectively.

Among construction companies, Cotec Construction JSC (CTD) added  二. 三 per cent, HCM City Infrastructure Investment JSC (CII) rose  一. 七 per cent and Tasco JSC (HUT) increased by  一 per cent.

Mining, auto stocks lift markets

Other large-cap stocks also helped raise local indices such as dairy firm Vinamilk (VNM), food and beverage producer Masan Group (MSN) and PetroVietnam Gas Corporation (GAS). These stocks advanced 0. 八 per cent,  二. 九 per cent and  二 per cent.

On the opposite side, steel makers such as Hoa Sen Group (HSG) and Hòa Phát Group JSC (HPG) fell as steel prices declined amid a market glut.

Mining, auto stocks lift markets

Among banks, Vietcombank (VCB) dropped  一 per cent, the Asia Co妹妹ercial Bank (ACB) was down 0. 六 per cent and Sài Gòn-Hà Nội Bank (SHB) declined  一. 五 per cent.

Banks also fell as the US dollar continued to strengthen against other currencies on expectations that the US central bank may raise interest rates at a higher speed and the US economy will improve.

Yesterday, Việt Nam’s central bank raised its reference mid-point rate for exchange trading bands by VNĐ 八 to VNĐ 二 一, 八 六 一 for a dollar.

Both local markets traded more than  二0 五. 三 million shares worth VNĐ 二. 七 trillion ($ 一 二0. 八 million), a slight increase from Tuesday’s trading value. – VNS