Bank stocks push markets up

Wednesday, Jan 08, 2020 06:46

Customers conduct transactions at a branch Bank for Investment and Development of Viet Nam (BID). BID rose 2 per cent on Tuesday. — Photo

Shares rebounded on Tuesday, fueled by banking stocks.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 0.32 per cent to close at 958.88 points.

More than 181.6 million shares were traded on the southern bourse, worth VND3.7 trillion (US$159.2 million).

The index lost 0.97 per cent to close Monday at 955.79 points.

Market breath was neutral with 161 stocks declining and 169 gaining, while 57 ended flat.

According to Ha Noi-Sai Gon Securities Co, Tuesday’s trading liquidity remained at a low level and the trend would continue in following sessions as investors slowed down ahead of Tet (Lunar New Year).

“On Wednesday, the VN-Index might continue to struggle, hovering around the 950-970 point range,” SHS said in its daily report.

Bank stocks performed well and supported the indices, with gainers including Bank for Investment and Development of Viet Nam (BID) (2 per cent), Vietcombank (0.3 per cent), Techcombank (0.7 per cent) and Vietinbank (1.6 per cent).

Other pillars stock also advanced and boosted the market, including Vinhomes (VHM) (0.5 per cent), Vinamilk (VNM) (0.9 per cent), Vingroup (VIC) (0.2 per cent), Vincom Retail (VRE) (0.9 per cent), Masan Group (MSN) (0.4 per cent) and Sabeco (SAB) (0.1 per cent).

Oil and gas groups corrected after gaining for the previous two sessions, and decliners included PetroVietnam Technical Services Corporation (PVS) (1.1 per cent), PVPower (POW) (0.9 per cent), PetroVietnam Drilling and Well Services Corporation (PVD) (1.3 per cent), Binh Son Refining and Petrochemical Company (BSR) (1.2 per cent), Drilling Mud Joint Stock Corporation (PVC) (2.9 per cent) and PetroVietnam Coating JSC (PVB) (1.1 per cent).

On a sector basis, 10 of the 25 sectors on the market declined, including healthcare, oil and gas, agriculture, plastic and chemicals and logistics.

On the opposite direction, wholesale, insurance, real estate, securities, information and technology, retail, banking, agriculture, seafood processing and food and beverage all increased.

On the Ha Noi Stock Exchange, the HNX-Index increased 0.18 per cent to end at 101.42 points.

Nearly 29.3 million shares were traded on the northern market, worth VND275.6 billion.

Foreign investors net sold VND 60.28 billion on the HOSE, including Vietcombank (VCB) (VND54.31 billion), Hoa Phat Group (HPG) (VND22.28 billion) and Viet Nam National Petroleum Group (PLX) (VND10.05 billion). They were net sellers on the HNX with a value of VND7.64 billion.

According to Bao Viet Securities Co, the VN-Index was forecast to approach the resistance zone of 961-963 points during the next session.

“We believe that the market is starting to accumulate in the range of 953-963 points. The market is expected to experience a wide divergence among sectors,” BVSC said. — VNS

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