Bank shares lift markets, propped up by strong Q3 earnings
Bank shares advanced strongly on Wednesday morning, helping lift the two national stock exchanges.
Bank shares advanced strongly on Wednesday morning, helping lift the two national stock exchanges.
The VN-Index on the Ho Chi Minh Stock Exchange rose 1.61 per cent to close at 902.96 points.
On the Ha Noi Stock Exchange, the HNX-Index increased 1.86 per cent to end at 103.61 points.
Banks led the market uptrend with 10 out of the 13 listed lenders on the two bourses gaining. Strong earnings in the third quarter helped boost their shares
The top three biggest banks by total assets – Vietcombank, Vietinbank and BIDV – leapt 2.2 per cent, 2.9 per cent and 6.9 per cent, respectively.
Techcombank, VPBank, Military Bank and Asia Commercial Bank rose from 1.9-3.5 per cent.
Heavyweight stocks on the VN30 (which tracks the top 30 shares by market value and liquidity) also added value and supported the market. Major supporters included PV Gas, Petrolimex, Vincom Retail, Masan Group, Vietjet and Mobile World Group, with growth of 1-4 per cent.
Liquidity increased compared to Tuesday morning with a total of 120.4 million shares worth VND2.4 trillion (US$101 million) traded on the two markets.
The afternoon session starts at 1pm. – VNS
