Bank stocks behind market rebound

06-Dec-2019 Intellasia | The SaigonTimes | 6:02 AM Print This Post

The VN Index of the Hochiminh Stock Exchange added over 12 points on the afternoon of December 4 to close at the intraday high, backed by the sharp rise of bank stocks.

After two straight falling sessions, the market regained traction in morning trading as many bluechips bounced back.

The demand started to inch up in afternoon trading, especially for stocks in the banking sector, on news that the State Bank of Vietnam had net injected VND62.2 trillion into the system via open market operations between November 18 to 29, the first such move after eight straight months of net withdrawals.

The central bank’s move has helped ease liquidity pressure on banks in the country.

At the close, the VN Index added 12.47 points, or 1.31%, from the session earlier to 965.9, with 209 winners and 112 decliners. Trading volume on the HCM City bourse inched down over 20 percent against Tuesday to 210 million shares, and value fell nearly 40 percent at over VND4.7 trillion.

Among the blue-chip stocks, only consumer goods firm MSN and lender EIB dropped. Steelmaker HPG and housing developer VHM closed unchanged, while the remaining stocks gained.

In particular, lenders VCB, TCB, CTG, VPB and MBB all rose over 3%. Notably, their peer HDB surged to its ceiling price of VND27,300 with over two million shares transacted.

CTG led the banking group on the HCM City market by liquidity with matching volume exceeding 3.7 million shares, followed by its peers MBB, STB and VPB.

Other bluechips such as VNM and GAS staged good performances. Dairy firm VNM eased off its five-session losing streak, adding 2.06 percent to the intraday high of VND118,800. Gas company GAS picked up 2.16%.

In the Vingroup family, retailer VRE edged up slightly and had good liquidity as it saw matching volume reaching 5.9 million shares. Property firm VIC made slight gain.

Meanwhile, after having hit its floor price on Tuesday, consumer goods firm MSN continued to trade in negative territory as foreign investors net sold nearly four million MSN shares. However, active bottom-fishing saved MSN from a steep decline. It ended down 2.65%.

Construction firm ROS encountered losses after ROS chair Trinh Van Quyet registered to sell 21 million ROS shares to lower his ownership.

On the Hanoi Stock Exchange, bank stocks were also the main contributors to the rise of the HNX-Index. It gained 1.4 points to close at 102.47, with winners outnumbering losers by 68 to 46.


Category: Stocks, Vietnam

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