Bank stocks lead VN Index’s recovery

11-Jan-2019 Intellasia | The Saigon Times | 6:00 AM Print This Post

With bank stocks and a number of large caps advancing, the local stock market staged a strong recovery today, January 9, sending the VN Index of the Hochiminh Stock Exchange up 9.55 points, or 1.08 percent, versus the previous session at 896.99.

Turnover on the southern market improved as volume and value increased 42 percent and 11.6 percent at 160.5 million shares worth nearly VND3 trillion, respectively. However, the trading value was still far lower than the average level in the past four weeks at more than VND3.9 trillion each session.

All listed banks gained ground, except for VPB that closed unchanged at VND19,150. CTG and MBB ranked third and fourth in terms of liquidity on the market with 5.95 million shares and 5.9 million shares exchanged, adding 2.5 percent and 2.6 percent at VND18,350 and VND19,350, respectively.

Notably, HDB reported active foreign trading as the investors bought 2.9 million shares and sold 2.5 million shares of the lender. HDB closed the day up 1.4 percent at VND28,900.

For large caps, dairy giant VNM made the best moves as it increased 1.4 percent at VND131,900, followed by leading fuel group GAS with a 1.8 percent rise to reach VND89,900. VIC, a large property group, rose a slight 0.5 percent at VND101,500, while its associated firm VHM moved flat at VND74,200.

VRE, another associated firm of VIC active in the retail industry, jumped 5.2 percent at VND29,050 thanks to huge foreign demand. VRE reported matching volume of over 2.1 million shares, in which foreigners net bought over 1.4 million shares.

Having slumped to the floor price on Tuesday due to a local authority decision to suspend land use conversions in seven projects, real estate company NVL recovered thanks to bottom fishing. Ending the day, NVL added 1.9 percent at VND58,800.

Among small stocks, property firms DLG and FLC turned volume leaders with 9.1 million shares and 7.4 million exchanged but they dropped 4.7 percent at VND1,400 and 1.5 percent at VND5,260, respectively. In contrast, IDI, which is active in the aquaculture and building materials sectors, went up to the ceiling price of VND7,660.

The HNX-Index of the Hanoi Stock Exchange gained 0.87 point, or 0.86 percent, at 102.13. Turnover on the northern market soared 50 percent in volume and 141 percent in value to 38.5 million shares worth VND693 billion, respectively, mostly thanks to block deals valued at VND339.4 billion.

Large banks ACB and SHB led the rally, gaining 1.7 percent at 2.8 percent at VND29,000 and VND7,200 on matching volume of 2.2 million shares and 3.4 million shares, respectively. PVS, a petroleum enterprise, was the most actively traded stock with 4.5 million shares exchanged, adding around 2.8 percent at VND18,400.

https://english.thesaigontimes.vn/65461/bank-stocks-lead-vn-index percentE2 percent80 percent99s-recovery-.html

 


Category: Stocks, Vietnam

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