Markets slow down as banks lose steam
Local markets slowed their upward pace on Tuesday morning as bank stocks, which had given the bourses momentum in the previous session, tumbled unexpectedly.
Local markets slowed their upward pace on Tuesday morning as bank stocks, which had given the bourses momentum in the previous session, tumbled unexpectedly.
On the HCM Stock Exchange, the VN Index inched up marginally by 0.1 per cent to close at 744.86 points.
On the Ha Noi Stock Exchange, the HNX Index edged down 0.1 per cent to 92.63 points.
Only two of nine listed banks recorded growth this morning; six declined. BIDV (BID) rose 2.5 per cent, and Asia Commercial Bank (ACB) was up 0.4 per cent. While Vietinbank (CTG) closed unchanged, all others dropped between 0.1 and 4.4 per cent.
On Monday, the Government submitted a new resolution on bad debts to the National Assembly, which is expected to facilitate and speed up the process of settling bad debts. Many analysts predict that bank stocks will soon be on a rising wave owing to this.
On the positive side, steel and food-beverage shares continued to advance. The big gainers were Vinamilk (VNM), Masan Group (MSN), brewery Sabeco (SAB), Hoa Phat Group (HPG) and Hoa Sen Group (HSG).
Around 200 million shares worth a combined VND3.1 trillion (US$138 million) were traded in the two markets.
The afternoon session starts at 1pm. — VNS
