Bank stocks recover, VN-Index rises

Wednesday, Aug 04, 2021 06:54

Vincom Mega Mall inside Times City, an urban complex in Ha Noi invested by Vingroup. The real estate developer's shares climbed more than 6.5 per cent yesterday, supporting the market benchmark to jump higher. — Photo

Viet Nam’s stock market settled higher on Tuesday as more investors returned to riskier assets in the afternoon trade.

The market benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) jumped 18.22 points, or 1.39 per cent, to 1,332.44 points. The index had climbed for seven consecutive sessions and broke over the 1,330 point-level.

The market’s breadth was positive as 243 stocks increased while 140 fell.

The liquidity was also higher than yesterday with nearly VND21.5 trillion (US$935.2 million) poured into HoSE, equivalent to a trading volume of 647 million shares.

The index’s breakthrough was driven by pillar stocks in real estate sectors. The VN30-Index, which tracks 30 biggest stocks in market capitalisation on the southern bourse, jumped 1.5 per cent, or 21.66 points, to 1,469.87 points.

Vingroup SJC (VIC) still led the market’s trend, up 6.51 per cent, followed by Vinhomes JSC (VHM), up 2.59 per cent.

The benchmark got more support from bank stocks in the afternoon trade as these stocks claimed back some losses from the morning session.

Many bank stocks recorded rises of more than 1 per cent, including Vietcombank (VCB), Techcombank (TCB), JSC Bank for Investment and Development of Vietnam (BIDV, BID), MBBank (MBB) and Vietinbank (CTG).

Analysts from Saigon - Hanoi Securities JSC (SHS) said that investors, who were already bottom fishing on July 19 when the market corrected back to the support zone of 1,260 points and took profits last Friday and earlier this week, should continue to watch and take short positions when the market moves up.

On the Ha Noi Stock Exchange, the HNX-Index also finished higher yesterday on bullish sentiment. The index jumped 1.33 per cent to 319.13 points.

During Tuesday's trade, over 113.6 million shares were traded on the northern market, worth nearly VND3 trillion.

The UPCOM-Index reversed the morning course, climbing 0.27 per cent to 87.59 points. In the morning trade, the index fell 0.22 per cent.

On the other hand, foreign investors’ interest in the country's market was intact as they were still net buyers on both exchanges with a total value of VND169.75 billion.

Accordingly, they net bought a value of VND160.6 billion on HoSE, and a value of VND9.15 billion on HNX. VNS

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