Vietnam index posts biggest single-day jump in 15 months


Email Print


Vietnam's benchmark VN Index ended up 3 percent on Wednesday, its biggest jump in 15 months, after the government reassured it will maintain the country's economic growth target and keep the dollar/dong rate stable until the year-end.
Prime Minister Nguyen Tan Dung said Vietnam would not alter its targets for 2015, including economic growth, inflation, state budget expenditure or trade despite recent impacts from the global economy, according to a government statement issued late on Tuesday.
Energy and banking shares led gainers. PetroVietnam Gas rose 6.96 percent along with several energy sector stocks, while Vietcombank, the country's top listed lender by market value, jumped 2.24 percent and VietinBank advanced 4.47 percent.
"However, investors should not be too positive since trading volumes were not high enough to reflect a strong upward trend," said trader Le Duc Quang at Vietcombank Securities.
The index recorded its biggest gain in a day since May 2014, with 124.14 million shares changing hands, far below the five-day average of 155.08 million, Thomson Reuters data show.
Vietnam has widened the dollar/dong trading band twice and devalued its currency by 0.99 percent earlier this month, causing the index to lose a total of 9.66 percent since Aug. 12.
Here is a snapshot of the VN Index at the close (0801 GMT).
VN Index
PREV. CLOSE 529.98
% CHANGE +3.0%
LOW 530.05
Change (%) 1-mnth -16.044
Change (%) 3-mnth -5.865
Change (%) 1-year -15.32
52-week high 644.56
52-week low 513.06

More Business News