Vietnam stocks rise to near 5-week high as global markets tick up

The index closed 10.93 points higher after gaining 9.39 points in the previous session. It has closed in the green three sessions in a row.

Trading on the Ho Chi Minh Stock Exchange increased by 13% to VND19.02 trillion ($763 million).

The VN-30 basket, comprising the 30 largest capped stocks, saw 17 tickers gained.

BID of state-owned lender BIDV led with a 2.6% rise, followed by VRE of retail real estate arm Vincom Retail, up 2.5%.

VCB of state-owned lender Vietcombank gained 2.3% and VHM of property giant Vinhomes closed 2.1% higher.

Seven blue chips fell, with PLX of fuel distributor Petrolimex plunging the steepest at 1.9%.

Foreign investors were net buyers to the tune of VND327 billion, mainly buying VCB and FPT of IT giant FPT Corporation.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 0.55%, while the UPCoM-Index for the Unlisted Public Companies Market went up 0.41%.

Globally European shares hit a 2-1/2 week high on Tuesday, tracking a Wall Street rally driven by expectations that the Federal Reserve could offer further hints of imminent rate cuts later this week, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan hit a one-month high before giving up some gains to trade 0.3% higher.

Japan’s Nikkei 225 hit its strongest level in over two weeks, closing up 1.8%, but Chinese blue-chips fell 0.7% on continued worries over the country’s gloomy economic outlook. Hong Kong’s Hang Seng Index down 0.5%.