Vietnam’s benchmark VN Index rose 0.2 per cent at the break on Wednesday to 550.75 points as some blue-chips gained, led by dairy product maker Vinamilk.
Vinamilk shares increased 2.08 per cent, while top insurer Baoviet Holdings ticked up 2.99 per cent, keeping the index on the upside despite profit-taking in some banking shares after their strong gains in the previous session.
Hanoi-based Vietcombank, Vietnam’s top lender by market value, retreated 1.76 per cent after jumping near its daily limit on Tuesday to the highest close since October 2009 and after the central bank’s currency depreciation.
“The market has touched its trough in the past two weeks, though an upward trend will not be strong and stocks will just rise gradually,’’ said deputy manager Nguyen Thanh Lam of Maybank Kim Eng Securities.
The index could rise to 570 points in the short-term, led by the real estate sector on expected positive results and banking shares that have been attracting inflows, Lam added.
On Wednesday the central bank had lowered the mid-point rate on the interbank market by 1 per cent to 21,458 dong per dollar to help stabilise the foreign exchange market.