VN-Index soars over 1% on back of bank stocks

Tuesday, Feb 06, 2024 07:03

A client conducts a transaction at an office of Vietinbank in Hà Nội. Shares of the lender logged the biggest intra-day gain of 7 per cent on Monday, leading the market's bullish trend. — VNA/VNS Photo

The market was mixed on Monday, with the VN-Index gaining more than 13.5 per cent on the back of banking stocks.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index opened the week on a positive note, reversing last week's course. The index ended higher at 1,186.06 points, an increase of 13.51 points, or 1.15 per cent.

However, the market's breadth was negative as 153 stocks increased while 161 declined. Liquidity fell slightly from the previous session but remained high, with a trading value of VNĐ19.2 trillion (US$787.6 million).

The VN30-Index, tracking the 30 biggest stocks on HoSE, also inched higher at 1,197.36 points, up 22.6 points, or 1.92 per cent.

Up to 21 stocks in the VN30 basket posted positive performances with one hitting the maximum daily gain of 7 per cent, while six were down and three stayed flat.

The benchmark index's reversal was mainly due to the inflow of capital into bank stocks.

Data compiled by a financial website showed that the banking industry dominated the bullish trend on Monday. In particular, Vietinbank (CTG) was the leader with a gain of 7 per cent.

Other lenders contributing to the rallies were BIDV (BID), MBBank (MBB), Asia Commercial Joint Stock Bank (ACB), Techcombank (TCB), VPBank (VPB) and Vietnam International Commercial Joint Stock Bank (VIB). All the stocks soared at least 2.1 per cent.

On the other hand, Hòa Bình Construction Group JSC (HBC), Pomina Steel Corporation (POM) and Hoang Anh Gia Lai Agricultural JSC (HNG) hit the floor prices after the three companies received reminder notices from HoSE about the possibility of delisting due to information disclosure violations.

Previously, the southern exchange issued an official document noting the possibility of delisting HBC and POM if they continue to be late in submitting their 2023 financial statements. Meanwhile, HNG will be delisted if its 2023 audited business results continue to show losses, which is the third consecutive year.

The HNX-Index on the Hà Nội Stock Exchange (HoSE) finished lower at 230.28 points, down 0.28 points, or 0.12 per cent. More than 73.4 million shares were traded on HoSE, worth VNĐ1.49 trillion.

Foreign investors were net buyers on HoSE with a value of VNĐ55.33 billion, while they net sold VNĐ137.5 trillion on HNX. — VNS

Comments (0)