Vietnam stocks jump to 2-week high as Asian markets rise

The index closed 28.67 points higher after dropping 6.80 points in the previous session.

Trading on the Ho Chi Minh Stock Exchange increased by 99% to VND23.01 trillion ($918 million).

The VN-30 basket, comprising the 30 largest capped stocks, saw 29 tickers gained and 1 fell.

GVR of Vietnam Rubber Group and SSI of brokerage SSI Securities Corporation both led with a 5.8% gain.

MWG of electronics retail chain Mobile World rose 4.7% and HDB of HDBank gained 3.4%.

VNM of dairy giant Vinamilk was unchanged.

Foreign investors were net sellers to the tune of VND74 billion, mainly selling VHM of property giant Vinhomes and HPG of steelmaker Hoa Phat Group.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 2.89%, while the UPCoM-Index for the Unlisted Public Companies Market went up 1.36%.

Asian shares were headed for a weekly gain on Friday and Japan’s benchmark Nikkei was poised for its best week in more than four years as upbeat risk sentiment spilled over from Wall Street, while the dollar and U.S. Treasury yields held broadly steady, Reuters reported.

Last week’s market turmoil calmed this week after a raft of U.S. economic data allayed recession fears in the world’s largest economy and pushed back expectations for aggressive U.S. rate cuts.

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 1.3% and was set to rise more than 2% for the week, while U.S. futures extended gains following a strong overnight cash session on Wall Street.

Japan’s Nikkei jumped nearly 3%, outperforming other Asian benchmarks as Chinese blue-chips, opens new tab ticked marginally higher, and Hong Kong’s Hang Seng Index, opens new tab rose 2.1%.