Bank stocks behind market’s rebound

21-Sep-2019 Intellasia | The Saigon Times | 6:02 AM Print This Post

The local stock market recovered today, September 19, with the VN Index increasing 1.95 points, or 0.2 percent, at 997.1, thanks to rising prices of bank stocks.

On the southern bourse, there were 187 million shares worth VND3.9 trillion changing hands, down 3 percent in volume and 16 percent in value over the session earlier. In block deals, 46.48 million shares were traded with a total value of nearly VND1.1 trillion.

Among bank stocks, only BID dropped 0.9 percent, while others gained grounds, such as STB rising 3.4 percent, CTG and EIB, over 2 percent, and VCB, TCB and VPB, over 1 percent.

Stocks in this group also had good liquidity as most of them saw matching volume of at least one million shares each. STB, for example, saw 8.1 million STB shares transacted, ranking second in the Hochiminh Stock Exchange. Construction firm ROS still led the market in liquidity with more than 19 million shares transacted, but it fell 0.4 percent at VND26,800.

Many other large caps, such as Vingroup’s stocks, dairy firm VNM, consumer goods firm MSN and low-cost carrier VJC declined, putting pressure on the main index.

While large-cap stocks were split, most medium and small caps saw their prices and liquidity rising. Especially, construction firm ASM, consumer goods firm IDI, real estate developer NBB and agriculture company SJF closed at their highest levels of the day.

Notably, FTM of Duc Quan Investment and Development JSC recorded a 25-day losing streak, slipping to VND3,980 per share.

On the northern bourse, the HNX-Index rose in the morning and maintained the uptrend momentum until the end of the session.

With 75 gainers and 69 losers, the index closed up 1.75 points at 104.4. Trading volume and value picked up 8 percent and 18 percent at 27.3 million shares worth VND380 billion.

Of these, block deals accounted for 3.26 million shares worth over VND43 billion.

Large-cap stocks contributed significantly to the northern index’s rise today. Specifically, lender ACB edged up 3.1 percent, SHB, 4.8 percent, stone manufacturer VCS, 5.2 percent, and brokerage firm SHS, 4.1 percent.

SHB was the best performer on this bourse with 5.68 million shares matched, followed by ACB with 3.4 million shares. percente2 percent80 percent99s-rebound.html


Category: Stocks, Vietnam

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