Banking and securities stocks push markets up

Tuesday, Oct 20, 2020 07:27

Customers at an Asia Commercial Bank branch in Ha Noi. The northern lender has recently filed to move its shares to the Ho Chi Minh Stock Exchange from the Ha Noi Stock Exchange. — Photo

Markets had a good start on Monday, driven by banking and securities stocks but selling pressure at the end of the trading session weighed on some individual large-cap stocks.

The benchmark VN-Index in the Ho Chi Minh Stock Exchange gained 0.04 per cent to close trading at 943.69 points.

The index finished last week at 940.30 points, marking its highest level since February 2020.

“The narrow fluctuation range, positive market breadth and declining liquidity indicated that the VN-Index's rally was cooling down,” said BIDV Securities Co (BSC).

BSC recommended investors limit transactions and wait for short-term movements of the market during this week.

Nearly 389.5 million shares were traded on the southern bourse, worth VND7.9 trillion (US$348 million).

Market breadth was positive with 197 decliners and 205 gainers.

The VN30-Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, increased 0.21 per cent to close Monday at 903.51 points.

In the VN-30 basket, 17 stocks lost ground and 12 increased while one remained flat.

Banking stocks performed well and supported indexes such as Asia Commercial Joint Stock bank (ACB), Vietinbank (CTG), Military Bank (MBB), VPBank (VPB) and Techcombank (TCB).

Securities stocks also attracted cash flow and gained ground, with notable gainers of Saigon Securities Inc (SSI), Ho Chi Minh Securities Corp (HCM), VNDirect Securities Co (VND), Vietinbank Securities Co (CTS) and Sai Gon-Ha Noi Securities Co (SHS).

Selling pressure appeared at the end of the trading session and weighed down some large-caps such as PetroVietnam Gas JSC (GAS), Hoa Phat Group (HPG), Mobile World Group (MWG) and PV Power (POW).

On a sector basis, 12 out of 25 sector indices gained ground, including wholesale, insurance, real estate, securities, information and technology, banking, rubber production, food and beverage and logistics.

On the other side, 13 sector indices lost steam, including retail, healthcare, energy, agriculture, chemicals and plastic production, seafood processing and construction materials.

The minor HNX-Index on the Ha Noi Stock Exchange increased 0.76 per cent to end Monday at 140.88 points.

More than 49.5 million shares were traded on the northern exchange, worth VND773 billion.

Foreign investors net sold VND368.92 billion on HOSE. They were net buyers on the HNX with a value of VND710 million. — VNS

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