VN-Index recovers on back of banking stocks

Wednesday, Jan 10, 2024 16:55

Outside of Vietcombank's transaction office in Trần Hưng Đạo Street, Hà Nội. The bank's shares climbed more than 1.9 per cent on Wednesday. — VNS Photo Ly Ly Cao

Benchmark indices were mixed on Wednesday, with the VN-Index rebounding from losses of the previous session.

The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) closed the trading day at 1,161.54 points, an increase of 2.95 points, or 0.25 per cent. The gains helped the index recoup all losses set on Tuesday.

Breadth of the market was negative as more stocks experience down risk, while liquidity soared to above VNĐ20 trillion on the southern bourse.

In particular, the trading value rose 12.8 per cent from the previous session to VNĐ20.8 trillion (US$850.5 million). This was equal to a trading volume of nearly 993 million shares.

The 30 biggest stocks tracker VN30-Index also inched higher at 1,162.68 points, up 2.47 points, or 0.21 per cent. In the VN30 basket, the number of decliners was equal to that of gainer by 15 to 15.

According to analysts from the Saigon - Hanoi Securities JSC (SHS), the market benchmark is likely to fluctuate around the resistance threshold of 1,160 points in the short term. Therefore, short term investors should be more cautious at this level.

Banking stocks were the market's pillar today, helping cushion the selling force. Specifically, Vietcombank (VCB) was the biggest gainer on Wednesday and led the up trend. Shares of the lender jumped 1.94 per cent.

It was followed by BIDV (BID), Vietinbank (CTG), VPBank (VPB), Tiền Phong Commercial Joint Stock Bank (TPB), Sahabank (SHB) and Asia Commercial Joint Stock Bank (ACB). These stocks increased in a range of 1-4.23 per cent.

On the other side, realty, information technology (IT) and manufacturing stocks faced strong sell-off, led by FPT Corporation (FPT) with a fall of 1.97 per cent, followed by Hòa Phát Group (HPG) down 1.26 per cent, Vinhomes (VHM) dropped 0.7 per cent and Vinamilk (VNM) declined 0.88 per cent.

Securities stocks also witnessed poor performances, such as VNDirect Securities Corporation (VND) fell more than 1.8 per cent, SHS plunged 1.6 per cent and SSI Securities Corporation (SSI) were down 0.88 per cent.

The HNX-Index on the Hà Nội Stock Exchange (HNX) extended losses on Wednesday. It was down 1.09 points, or 0.47 per cent, to 231.41 points.

Meanwhile, foreign investors net sold on the market for the seven straight days of the New Year. Of which, they net sold nearly VNĐ216.2 billion on HoSE and over VNĐ63.6 billion on HNX. — VNS

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