VN stocks pick up after officials' reassurances

Vietnamese shares soared on Wednesday after government officials made statements to reassure investors amid the rising number of coronavirus infection cases.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange advanced 2.69 per cent to end at 680.37 points.

The VN-Index inched up 0.04 per cent on Tuesday.

The HNX-Index on the Ha Noi Stock Exchange rose 2.29 per cent to close at 94.76 points, bouncing from a four-day losing streak of 7.44 per cent.

More than 176.4 million shares were traded on the two exchanges, worth VND2.36 trillion (US$100.6 million).

Fears about the national lockdown pulled local stocks from intraday peaks on Tuesday.

The stock market reacted positively after the Government said on Tuesday that the nationwide social distancing order was not a lockdown and the pandemic was still under control.

The State Securities Commission added the securities market operation would be uninterrupted during the fight against COVID-19.

The large-cap tracker VN30-Index rose 2.55 per cent with 26 of the 30 largest stocks by market capitalisation and trading liquidity increasing.

Among gainers were Sacombank (STB), insurer Bao Viet (BVH), SSI Securities (SSI), petrol firm Petrolimex (PLX) and Bank for Investment and Development of Vietnam (BID).

The stocks gained between 5.8 per cent and 7.0 per cent.

The afternoon trading session starts at 1pm. 

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