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Friday,  Nov 24,2017,03:20 (GMT+7)

Bank stocks soar on active trade

Phuong Thao
Friday,  Sep 1,2017,18:36 (GMT+7)
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Bank stocks soar on active trade

Phuong Thao

HCMC – The stock market rallied for a second straight session on August 31 as bank stocks advanced on active trading. The VN-Index broke through the strong resistance of 780 points, adding 0.53% at 782.76.

According to vietstock.vn, the recovery of bank stocks was a surprise as the Hanoi People’s Court is still hearing a high-profile case involving Ha Van Tham, ex-chairman of Ocean Bank, and 50 other defendants who are charged with serious violations of monetary management regulations.

BID opened the day with a mild rise after a weeklong drop. The bank rose further in the afternoon phase and hit the ceiling price of VND20,700 a share with matching volume of 5.4 million shares.

Active transactions drove up other lenders. CTG gained 3% with volume of 2.38 million shares, VCB added 0.9% with 700,000 shares traded and MBB rose 2.4% with over 6.7 million shares changing hands.

Notably, beverage giant SAB hit the intraday high of VND255,300 a share, up 2.12% against Tuesday, before losing steam and dragging the main index down from its peak of 785 points. At the close, SAB inched up 0.4% at VND251,000 a share with 12.5 million shares transacted.

Among the property stocks, VIC soared to an all-time high in the morning before dropping strongly, ending a six-day winning streak. It closed down 0.4% at VND49,000 a share with nearly 1.5 million shares traded.

Meanwhile, realty stock FLC continued facing high selling pressure, losing 4.16% at VND7,600 per share. FLC remained the most actively traded stock on the HCMC exchange with nearly 34.3 million shares traded.

On the Hanoi market, HNX30 surged steadily thanks to strong cash flow.

The HNX-Index rose 0.53% at 103.88 points while trading volume and value rocketed 39% and 46.5% against the previous session at 67.7 million shares worth VND862.7 billion.

The HNX30 basket saw 11 stocks rising while three others lost ground, pushing the HNX30-Index up 1.09% at 191.85. Among the bank stocks, ACB climbed 0.7% at VND28,700 per share with 2.3 million shares changing hands while SHB jumped 2.6% at VND7,900 per share on volume of 7.6 million shares.

Notably, OCH, a service and hospitality stock, edged up 2.6% with matching volume shooting up to over 20 million shares.

Foreign investors boosted transactions, net buying nearly VND120 billion of shares on the HCMC market and VND6.9 billion of shares on the Hanoi bourse.

 

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