Shares bounce back on recovery of banking stocks

Tuesday, Oct 27, 2020 12:45

The VN-Index edged up 0.29 per cent to close the morning trade at 953.59 points. Photo

Shares bounced back on Tuesday morning after an unexpected slump on Monday.

The VN-Index on the Ho Chi Minh Stock Exchange edged up 0.29 per cent to close the morning trade at 953.59 points.

Money flew into large caps, however, as the overall market breadth was negative with 265 shares declining, 127 rising and 119 closing unchanged.

Banking stocks recovered this morning, fueling investor confidence in a continued market rally.

Big banks such as BIDV (BID), Vietinbank (CTG), Vietcombank (VCB), Techcombank (TCB) and VPBank (VPB) increased between 0.6 per cent and 1.9 per cent each.

Losers yesterday also rose this morning such as FPT (FPT), PV Gas (GAS), Hoa Phat Group (HPG) Mobile World Investment (MWG) and Vietjet (VJC).

Liquidity was high with more than 248 million shares worth VND4.7 trillion (US$204.3 million) being traded in the southern bourse.

According to KIS Vietnam Securities, profit taking pressure may cause the short-term risk of price adjustments. If the VN-Index closes below 950 points in the next session, a correction phase may begin.

Last week saw the VN-Index record a sixth consecutive gaining week and the number for the HNX-Index was 12.

On the Ha Noi Stock Exchange, the HNX-Index gave up 0.45 per cent to end the morning at 138.41 points.

More than 28 million shares worth VND417 billion were exchanged here.

The afternoon trade starts at 1pm. VNS

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