Bank stocks buoy investor sentiment

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

The local stock market closed on an upbeat note today, February 25, with bank stocks driving up investor sentiment and leading to stocks in other sectors to rally.

With strong cash flow, the number of winning stocks outnumbered that of losers by 218 to 142 at the close. The VN Index of the Hochiminh Stock Exchange bounced back, adding 6.33 points, or 0.7 percent against Monday to 909.57. More than 220 million shares worth over VND3.8 trillion were transacted, both down 24 percent versus the day earlier.

Among the well-performing bank stocks, CTG emerged as the leading contributor to the benchmark index’s gain with an impressive increase of 7%. The lender prompted other bank stocks to rise sharply.

In particular, VPB and BID surged over 5%; and MBB and TPB jumped 3.5%. Similarly, other stocks in the group—TCB, HDB, STB—inched up around 3%. Only EIB closed at its reference price while VCB lost.

Some bluechips reversed course to end higher, propping up the main index. Tech firm FPT, construction company CTD, steelmaker HPG and insurer BVH were among good performers.

In contrast to the overall market rise, house developer VHM, gas firm GAS, and consumer goods manufacturer MSN declined.

As for liquidity, bank stocks staged an impressive performance. Lender MBB saw its matching volume of almost 12 million shares, CTG over nine million shares, VPB some six million shares and STB around six million shares as well.

Saigon-Hanoi Securities Company forecast that the VN Index could hover in the range between 900 and 920 points in the next session after a huge loss on Monday. Bottom fishers were advised to continue trading if the index tests above the supporting range.

Brokerage Tan Viet advised investors to keep observing market movements and predicted the index will continue the rally and approach the range of 918-925 points.

On the northern market, the HNX-Index rose 2.49 points, or 2.39 percent and closed at the intraday high of 106.66 points.


Category: Stocks, Vietnam

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