Shares advance but bank stocks pressure indices

Saturday, Sep 11, 2021 06:00

Workers process shrimp at seafood company Minh Phu Seafood Corporation (MPC). MPC soared 4.8 per cent on Friday. — VNA/VNS Photo

Viet Nam's benchmark VN-Index gained slightly on Friday, supported by the rise of heavyweight stocks, but the VN-Index failed to conquer 1,450 points as some other blue-chips in the banking group dropped pressuring the indices.

On the Ho Chi Minh Stock Exchange, the VN-Index increased 0.1 per cent to close at 1,345.31 points.

The index had increased 0.78 per cent to close Thursday at 1,343.98 points.

Nearly 599 million shares worth VND19 trillion (US$835.8 million shares) were traded on the southern exchange.

The market breadth was positive as 194 stocks declined, while 213 rose and 43 ended flat.

The 30 biggest stocks tracker, VN30-Index, rose 0.07 per cent to finish at 1,448.33 points.

Of the VN30 basket, 10 stocks increased while 15 decreased.

In the VN-30 basket, Phu Nhuan Jewelry (PNJ) gained 3.9 per cent, followed by insurer Bao Viet Holdings (BVH) and Vincom Retail (VRE) rising 2 per cent.

VPBank (VPB), beer producer Sabeco (SAB) and dairy firm Vinamilk (VNM) all advanced above 1 per cent.

Hung Vuong Joint Stock Corporation (HVG), Angiang Fisheries Import Export JSC (AGF) and Kien Hung JSC (KHS) were the most prominent stocks in the seafood industry, all reaching the ceiling prices.

I.D.I International Development & Investment Corporation (IDI) bounced back more than 6 per cent and is heading to the old peak of January 2021. Minh Phu Corporation (MPC) and Sao Ta Foods Joint Stock Company (FMC) both surpassed 4 per cent.

On the other side, banking stocks lost ground and put pressure on the market, with losers including Vietcombank (VCB), Military Bank (MBB), Tien Phong Bank (TPB), Sacombank (STB), Vietinbank (CTG) and HDBank (HDB).

“After yesterday's correction, the market struggled in the morning but gained at the end of the afternoon,” said BIDV Securities Co.

“Market breadth turned positive with reduced liquidity compared to the previous session, showing signs of positive sentiment again when the market touched the support level of 1,330 points. Meanwhile, foreign investors were net sellers on both HoSE and HNX. The recovery at 1,330 points is supporting the recovering trend back to 1,350 points," it said.

Foreign investors net sold VND538.92 billion on HOSE. They were net sellers on HNX with a value of VND357.67 billion.

On the Ha Noi Stock Exchange, the HNX-Index lost 0.11 per cent to end at 350.05 points.

Some 121 million shares worth nearly VND2.4 trillion were traded on the northern exchange. — VNS

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