Stock market rebounds as banking, mining, and securities stocks fuel recovery

Tuesday, Nov 14, 2023 16:10

Facilities of Bình Sơn Refining and Petrochemical Company Limited (BSR). BSR rose 2.1 per cent on Tuesday. — Photo BSR

The stock market experienced a solid recovery on Tuesday, with notable gains observed in the banking, mining and securities stocks groups, boosting investor confidence.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index gained 0.88 per cent to close at 1,109.73 points.

The index had dropped 0.15 per cent to close Monday at 1,100.07 points.

Market breadth was positive with 171 decliners and 365 gainers.

Some 822.2 million shares were traded on the southern exchange, worth VNĐ17 trillion (US$697 million).

"After strong fluctuations, market movements are slowing down with mixed good and bad signals. It is expected that the exploration struggle will continue in the near future with the fluctuating area of 1,090-1,120 points before there is a specific signal," said Việt Dragon Securities Co.

"However, temporarily, it is still necessary to note the resistance pressure from the MA(200) area, around 1,115 points. Therefore, investors should slow down to observe the state of supply and demand, and should not temporarily chase stocks that have increased in price. Currently, it is possible to take advantage of the market's ability to increase to take profits or restructure the portfolio."

The VN30-Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, gained 0.13 per cent to reach 1,119.28 points. In the basket, 25 stocks climbed and five slid.

Banking stocks gained ground with most of the stocks in the basket rising, including Vietinbank (CTG), Asia Commercial Bank (ACB), Tiên Phong Bank (TPB), National Commercial Joint Stock Bank (NVB), Vietcombank (VCB), Military Bank (MBB), Bank for Investment and Development of Vietnam (BID), Techcombank (TCB), Sacombank (STB) and VPBank (VPB).

HDBank (HDB) was the only decliner in the banking group.

The securities group also gained strongly with two giants SSI Securities Inc (SSI) and VNDirect Securities Co (VND) both climbed 1 per cent.

Energy stocks also attracted cash flow with gainers such as Việt Nam National Petroleum Group (PLX), Bình Sơn Refining and Petrochemical Company Limited (BSR), PetroVietnam Drilling and Well Services Corporation (PVD) and Drilling Mud Joint Stock Corporation (PVC).

On a sector basis, 21 out of 25 sector indices on the stock market gained ground, including banking, wholesale, construction, rubber production, IT and logistics, agriculture, real estate, food and beverage, retail, seafood production, construction materials, securities, and plastic and chemical production.

The HNX-Index on the Hà Nội Stock Exchange (HNX) rose 0.58 per cent to close Tuesday at 227.43 points.

More than 82.1 million shares were traded on the northern exchange, worth VNĐ1.5 trillion. — VNS

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