Shares rebound on banking stocks

Wednesday, Dec 01, 2021 17:40

Customers at Tien Phong Bank (TPB)'s transaction office. TPB soared 7 per cent on Wednesday. — Photo courtesy of TPB

Shares rebounded on Wednesday thanks to the recovery of large-caps and banking stocks towards the final minutes of trading.

The market benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) gained 0.46 per cent to end at 1,485.19 points.

It had lost 0.43 per cent to end Tuesday at 1,478.44 points.

The market's breadth was neutral with 223 stocks rising, while 236 slid.

Market liquidity declined compared to the previous session as investors poured over VND26.6 trillion (US$1.17 billion) into the southern exchange, equivalent to a trading volume of 876 million shares.

The 30 biggest stocks tracker VN30-Index rose 0.79 per cent, to end at 1,549.81 points. Nineteen in the VN30 basket decreased, while 10 increased.

In the VN-30 basket, the best performers were Bao Viet Holdings (BVH), FPT Corporation (FPT), PetroVietnam Gas JSC (GAS), Hoa Phat Group (HPG), Masan Group (MSN), Novaland (NVL), Vingroup (VIC) and Viet Nam National Petroleum Group.

Banking stocks rebounded strongly and bolstered the market, with gainers including Sai Gon Thuong Tin Commercial Joint Stock Bank (STB), Sai Gon-Ha Noi Bank (SHB), Asia Commercial Bank (ACB), Military Bank (MBB) and Vietinbank (CTG), VPBank (VPB), Techcombank (TCB), Tien Phong Bank (TPB) and Lien Viet Post Bank (LPB).

Of them, Tien Phong Bank hit the daily limit rise of 7 per cent, rising to VND48,250 per share. HDBank (HDB) increased by 5 per cent to VND32,000 per share.

According to financial news site, during this period investors should prioritise risk management and need to review the margin ratio and conduct portfolio restructuring to reduce this margin to avoid unexpected movements from the market.

Twelve out of 25 sectors on the market increased, including wholesale, real estate, healthcare, information and technology, banking, agriculture, oil and gas, food and beverage.

On the other side, losers were securities, logistics, seafood processing, rubber production and construction materials.

On the Ha Noi Stock Exchange (HNX), the HNX-Index lost 0.49 per cent to end Wednesday at 455.81 points.

The index had lost 0.55 per cent to end Tuesday at 458.05 points.

During the trading session, nearly 126.7 million shares were traded on HNX, worth nearly VND3.2 trillion. — VNS

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