Financial stocks advance, lifting market up

Saturday, Nov 14, 2020 07:12

An SSI Securities office. The brokerage shares rose 1.7 per cent on Friday. — Photo

Vietnamese shares extended gains for a third day as financial-banking stocks continued to perform better than expected.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 0.73 per cent to 966.29 points on Friday.

The VN-Index has increased by a total of 1.51 per cent in the last three days.

The three-day rally helped the benchmark log a weekly gain of nearly 3 per cent.

Financial-banking stocks stood out on Friday to boost the market, while the insurance, brokerage and banking sector indices rose 1-1.5 per cent, according to

Insurer Bao Viet Holdings (BVH) was up 2.2 per cent, SSI Securities (SSI) rose 1.7 per cent, and HCM City Securities (HCM) moved up 1.3 per cent.

In the banking sector, the Bank for Investment and Development of Viet Nam (BID) increased by 1.8 per cent, while Vietinbank (CTG), Military Bank (MBB) and Techcombank (TCB) jumped between 3 per cent and 3.2 per cent.

Real estate, materials, and construction sectors increased together, led by steel producers Hoa Phat (HPG) and Hoa Sen (HSG), Viet Nam Construction and Import-Export Corp (Vinaconex, VCG), residential property firm Vinhomes (VHM) and its parent company Vingroup (VIC).

Those large-cap stocks also pulled the blue-chip tracker VN30-Index up 0.89 per cent to 931.2 points. The VN30 futures due on November 19 was up 0.86 per cent on Friday.

The positive movement of both VN30-Index and VN30 futures showed investors were quite confident in the market’s short-term outlook, according to Sai Gon-Ha Noi Securities (SHS).

Mid-cap and small-cap stocks also advanced with the two trackers growing by 0.67 per cent and 0.71 per cent, respectively.

The minor HNX-Index on the Ha Noi Stock Exchange inched up 0.08 per cent to 144.74 points.

The northern market index has risen a total of 2.38 per cent in the last three trading days.

The HNX-Index increased by a total of nearly 3.9 per cent this week.

More than 513 million shares were traded on the two exchanges, worth VND8.83 trillion (US$380 million).

Market conditions were getting better and investors were confident the market will keep growing in the short term, Thanh Cong Securities Co (TCSC) said in its daily report.

“The short-term risk is still low, encouraging investors to keep injecting cash into the market,” TCSC said.

The market will head to the resistance of 970 points in the near future, the company forecast. — VNS

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