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Vietnam’s benchmark VN Index rose 1.68 per cent on Friday, marking its highest close since April 27 and outperforming other markets in the region on news about a Pacific trade deal, analysts said.
Hanoi-based Vietcombank, the nation’s top lender by market value, closed 5.5 per cent higher at 42,200 dong ($1.94) after hitting a record high of 42,300 dong, while PetroVietNam Gas, the country’s biggest firm by capitalisation, rose 1.59 per cent.
Legislation key to sealing a Pacific trade pact passed another important test in the US Senate on Thursday, boosting hopes for a deal that is central to President Barack Obama’s strategic shift towards Asia.
Analysts said the Vietnamese stock market, after weeks of selling amid lack of news, rebounded on the Trans Pacific Partnership deal’s progress, which experts expect to benefit Vietnam the most, especially its key textiles sector.
Thanh Cong Textile Garment Investment Trading Co surged 6.83 percent to its four-week high of 31,300 dong.
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