Shares extend gains on bank stocks

Thursday, Nov 17, 2022 16:38

A man withdraws cash from an ATM of the Viet Nam International Commercial JS Bank (VIB). VIB rose 2.5 per cent on Thursday. — Photo courtesy of VIB

Shares extended gains on Thursday, propped up by the strong recovery of banking stocks.

On the Ho Chi Minh Stock Exchange, the VN-Index gained 2.8 per cent, to close at 969.26 points. The index had risen 3.4 per cent, to close Wednesday at 942.90 points.

The market's sentiment was positive with more stocks increasing, of which 397 stocks inched higher and 73 reduced. Liquidity declined compared to the previous session with matching value reaching VND11.4 trillion (US$459.4 million), equal to a matching volume of 724.5 billion shares.

The index's uptrend was strongly supported by heavy-weight stocks as the 30 biggest stocks tracker VN30-Index posted a gain of 3.27 per cent to finish Thursday at 971.04 points. Of the VN30 basket, 23 stocks climbed, while four declined.

Banking stocks performed positively and bolstered the increase of the market with gainers including Military Bank (MBB), Techcombank (TCB), VietinBank (CTG), Viet Nam International Commercial JS Bank (VIB), Saigon-Hanoi Commercial JS Bank (SHB), Tien Phong Bank (TPB) and Vietcombank (VCB).

Other pillars in the VN-30 basket also soared with some even hitting the daily limit rise of 7 per cent. They included Hoa Phat Group (HPG), the Viet Nam Rubber Group (GVR), Vingroup (VIC) and Vincom Retail (VRE). Other large-caps such as Masan Group (MSN), Vinhomes (VHM), SSI Securities Inc (SSI) all went up over 6 per cent.

“The market may temporarily experience resistance near 970 points,” said Viet Dragon Securities Co.

“Therefore, investors should temporarily limit buying at a high price to avoid the risk of huge volatilities, and in the meantime wait for the fluctuating sessions to pass and accumulate stocks with good fundamentals and deep discounts,” said the company.

On the Ha Noi Stock Exchange, the HNX-Index also rose 2.4 per cent to close Thursday at 187.86 points. It had increased 4.36 per cent to close Wednesday at 183.45 points.

Nearly 45.5 million shares worth VND573.8 billion were exchanged here. — VNS

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