Shares gain on the back of banking stocks

Thursday, Mar 11, 2021 08:39

A customer at a branch of Military Bank (MBB). Shares of MBB rose 2.2 per cent on Wednesday. — Photo courtesy of MBB

Vietnamese stock markets ended Wednesday on a positive note, largely led by gains in financial shares and heavy-weight stocks.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange was up 0.70 per cent to close at 1,170.08 points.

It had lost 0.54 per cent to close Tuesday at 1,161.97 points.

More than 723.9 million shares were traded on the southern bourse, worth VND17.9 trillion (US$776 million).

Market breadth was positive with 279 gaining stocks and 177 losers.

Banking group outperformed in the afternoon trading session and strongly supported the market, with Sai Gon-Ha Noi Bank (SHB) increasing 3.2 per cent, Asia Commercial Bank (ACB) rising 2.5 per cent, Military Bank (MBB) gaining 2.2 per cent and Vietinbank (CTG) rising 1.3 per cent.

The large-cap tracker VN30-Index gained 0.8 per cent to stay at 1,172.26 points.

Twenty-five of the 30 large-cap stocks in the VN30 basket increased while four lost ground.

Real estate company Khang Dien House (KDH) was the largest gainer in the group with over 3-per cent increase, Military Bank (MBB) ranked second with more than 2-per cent gain.

FPT Corporation (FPT), Vinhomes (VHM), Techcombank (TCH), Bao Viet Holdings (BVH), Mobile World Group (MWG), Vingroup (VIC) and Sacombank (STB) were the stocks that gained more than 1 per cent.

On the other side, Petro Vietnam Gas JSC (GAS) and Viet Nam National Petroleum Group (PLX) were among the losers with more than 1-per cent decrease. Other losers included The Refrigeration Electrical Engineering Corporation (REE), Hoa Phat Group (HPG) and Masan Group (MSN).

“Lower market liquidity and positive market breadth showed positive trading signals from investors,” said BIDV Securities Co.

“Foreign investors remained net sellers on both HoSE and HNX. With the trend of cash flow moving into the mid-cap group, BSC recommends investors increase their portfolio proportion in small and mid-cap stocks when foreign investors continue net-selling large-cap stocks,” the company said.

Foreign investors net sold VND473.56 billion on HOSE, including dairy firm Vinamilk (VNM) (VND185.4 billion), Vietinbank (CTG) (VND84.9 billion), and steel maker Hoa Phat Group (HPG) (VND80.5 billion). They were net sellers on the HNX with the value of VND6.35 billion.

On the Ha Noi Stock Exchange, the HNX-Index rallied 0.86 per cent to end Wednesday at 267.10 points.

The index gained 0.54 per cent to end Tuesday at 264.83 points.

More than 163.2 million shares were traded on the northern market, worth VND2.4 trillion. — VNS

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