Higher Q2 earnings push banks up
Vietnamese shares on July 12 rebounded from a two-day decline as banks advanced on second-quarter profits and higher oil prices pushed energy stocks up.
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The HNX Index on the Hanoi Stock Exchange closed at 86.39 points, up 0.4% from July 11. The northern market index dropped 2.4% in the previous two sessions.
The banking sector was lifted by the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), which have recently reported year-on-year increases in their profits for the past quarter.
Vietcombank (VCB) on July 8 reported that the bank’s profit in the second quarter rose 37.8% year on year and Vietinbank (CTG) on July 11 said that its second-quarter profit could rise 10.3% from last year’s figure.
VCB and CTG on July 12 ended up 3.8% and 1.7%, respectively. VCB has surged 8% in the last four days, and CTG has gained 2.9% in the past two sessions.
Energy stocks recovered from falls on July 11 on a rebound in oil prices. London-traded Brent crude added 2.4% to trade at 47.38 USD a barrel and US crude advanced 2.1% to trade at 45.68 USD a barrel.
Among local energy stocks, PetroVietnam Gas Corp (GAS) edged up 0.8%, PetroVietnam Drilling and Well Service Corp (PVD) increased by 2.4%, and PetroVietnam Technical Service Corp (PVS) rose 1.7%.
Other blue chips also made gains on July 12, including Saigon Securities Inc (SSI) and Vietnam Dairy Products JSC (VNM).
SSI finished up 1.7% as the company remained top dealer on the national stock market. SSI has soared 13.6% in the last seven trading days.
VNM rose 0.7% after the State Capital Investment Corp (SCIC) announced it would sell its entire stake in the dairy producer.
Other large-cap stocks such as property developer Vingroup JSC (VIC), steel producer Hoa Phat Group (HPG) and Vietnam Construction and Import-Export Corp (VCG) also made gains.
Investors on July 12 traded nearly 235.5 million shares worth of 4 trillion VND (179.87 million USD), a decrease of 5.3% from July 11’s trading value.
