Bank stocks bounce back strongly

13-Feb-2020 Intellasia | The SaigonTimes | 6:02 AM Print This Post

Bank stocks on the Hochiminh Stock Exchange staged a strong recovery today, February 11, as investors boosted buying after a steep decrease on Monday.

Nine out of 10 lenders on the southern market closed up on high liquidity, except for HDB which slid 1.7 percent at VND29,000. CTG was the top index backer as it jumped 4.3 percent at VND27,750 while BID gained 3.5 percent at VND50,800.

STB was the most actively traded stock on the HCM City bourse with matching volume of 14.6 million shares, gaining 3.7 percent at VND11,350. CTG reported matching volume of 6.7 million shares and VPB saw more than 4.3 million shares transacted.

With 198 gainers and 135 losers, the benchmark VN Index advanced 3.94 points, or 0.42%, against the previous session at 934.67. Stock trade also improved as volume expanded 16 percent at 179.3 million shares and value edged 15 percent higher at nearly VND3.2 trillion.

But steel stocks put the most pressure on the index. HPG was the second most heavily traded stock on the market with 12.5 million shares changing hands, falling 3 percent at VND23,600. HSG had matching volume of 6.9 million shares, but dropped 1.7 percent at VND7,880.

Meanwhile, many speculative stocks fared well. ROS took the lead, soaring to its ceiling price for a third consecutive day. The construction firm closed at VND8,620 with matching volume of 5.2 million shares.

LMH, which is active in the property and energy sectors, moved flat at VND2,500, having shot up to the ceiling trading for three sessions in a row. The firm came third by liquidity on the southern bourse with nearly 10.3 million shares traded.

According to securities firms, bank stocks played a key role in the index gain today, while others struggled given the soaring coronavirus death toll in China. The negative developments of the stock market in recent days reflected downside risks the global economy would face this year.

The disease may not be put under control in coming months, injecting more uncertainties into the market, Agribank Securities told website.

“The VN Index is widely expected to approach 950 points this week. However, the growth would be choppy,” it said.

The HNX-Index on the Hanoi Stock Exchange rose 0.8 point, or 0.77%, to close at 104.78. Lender SHB led the gainers as it climbed 5.9 percent at VND7,200 and took the lead by liquidity with nearly 9.4 million shares traded.


Category: Stocks, Vietnam

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