VN Index flies high on bank stocks

18-Jan-2020 Intellasia | The SaigonTimes | 6:02 AM Print This Post

Outstanding performances of BID and CTG in the group of bank stocks and other bluechips uplifted the VN Index on the southern bourse today, January 16.

According to Everest Securities Company, bank stocks would drive the local market growth in 2020 thanks to their rising profits, reported Dau tu chung khoan newspaper.

The main index is forecast to test the resistance range of 975-980 points and further afield at 985-990 in the next sessions. In a negative scenario, the supporting range would be between 965 and 970 points, brokerage firm Asean said in a recent report.

Closing the session, the benchmark index rose 6.75 points, or 0.7 percent over the last session to 974.31. Trading volume and value respectively soared 34 percent and 51 percent versus Wednesday, with over 201 million shares worth more than VND4.7 trillion changing hands. Shares traded in block deals contributed some VND2 trillion to the overall value.

Two lenders BID and CTG both flew high by over 5.5%. Their fellows MBB, HDB, TCB, STB staged a good performance as well. Only EIB bucked the upward trend, declining 2.5 percent to VND17,750.

Other heavyweights and bluechips that made significant headway included securities firm SSI, national flag carrier HVN, and property enterprise NVL. Three of them inched up over 2%.

Meanwhile, trading of construction company ROS gave investors a real headache due to its steep decline. ROS plunged as much as 6.7 percent to its floor price at VND10,500.

Besides, retailer VRE, housing developer VHM, gas firm GAS, or brewery SAB ended in negative territory.

Among speculative stocks, it is well noted that DLG fell 6.9 percent to its floor price, with over nine million shares traded.

Also, property firm VRC and petroleum and real estate company LMH together extended their losing streak for 16 consecutive sessions since December 25.

In the Hanoi market, the HNX-Index almost closed at the intraday high, helped by bank stocks and other advancers.

In particular, lender ACB jumped 2.6%, and its fellow SHB increased 1.4%. In addition, gas firm PVS reversed course, up 1.1%. Industrial firm VCS, brokerage company SHS, investment and trading firm TNG, and manufacturer TAR remained top contributors to the rise of the HNX-Index.

Overall, with 29 winners and 36 losers, the northern market’s index added 1.13 points, or 1.09 percent to 104.32.

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Category: Stocks, Vietnam

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