Financial, banking stocks drive market up

Wednesday, Sep 09, 2020 07:23

Customers at a branch of Vietinbank (CTG). CTG rose 2.2 per cent on Tuesday. — Photo

Shares overcame early losses on Tuesday, with financial stocks leading gains and supporting the market.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange rose 0.21 per cent to close the trading session at 890.14 points.

The index last week had gained a total of 2.57 per cent.

More than 294 million shares were traded on the southern bourse on Monday, worth VND5.8 trillion (US$249.7 million).

Market breadth was positive with 160 losers and 249 gainers.

The VN30-Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, increased 0.39 per cent to close Tuesday at 827.57 points.

In the VN30 basket, 18 of the 30 largest stocks by market capitalisation and trading liquidity increased. Nine lost ground and three were unchanged.

Financial-banking stocks spearheaded the market rebound with gainers of SSI Securities Incorporation (SSI), Vietinbank (CTG), VPBank (VPB), Techcombank (TCB), Tien Phong Bank (TPB), HDBank (HDB), Military Bank (MBB), Asia Commercial Bank (ACB) and Bank for Investment and Development of Viet Nam (BID).

Agriculture and food industries also made large gains with notable names such as Saigon Sea Products Import - Export Joint Stock Corporation (SSN), Viet Viet Nhat Investment Corporation (VNH), Investment Commerce Fisheries Corporation (ICF), Nam Viet Corporation (ANV), TuongAn Vegetable Oil Joint Stock Company (TAC), Vietnam Seaproducts Joint Stock Corporation (SEA), Minh Khang Capital Trading Public JSC (CTP), An Giang Import - Export Company (AGM), Sao Ta Foods Joint Stock Company (FMC), Trung An Hi - Tech Farming Joint Stock Company (TAR), Kido Group (KDC), Bentre Aquaproduct Import And Export JSC (ABT).

Foreign investors net sold VND425.82 billion on HOSE. They were net buyers on the HNX with the value of VND780 million.

According to Sai Gon-Ha Noi Securities Co, VN-Index recovered Tuesday with a slight increase and low market liquidity, which indicated this was likely just a technical recovery session.

“In the next session, the VN-Index may fall back to the nearest support level around 880 points,” the company said.

On a sector basis, 19 out of 25 sector indices on the stock market gained ground, including energy, healthcare, insurance, securities, information and technology, construction, construction materials, rubber production, seafood processing, retail and wholesale.

The losers included agriculture, real estate and food and beverage.

The HNX-Index on the Ha Noi Stock Exchange dropped 0.50 per cent to close Tuesday at 124.80 points.

More than 55.5 million shares were traded on the northern bourse, worth VND682 trillion. — VNS

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