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Bank, brokerage stocks start week in reverse gear

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HCMC – Many bank and securities stocks underwent some correction due to profit-taking. However, the VN-Index of the Hochiminh Stock Exchange edged up and stayed above the 1,180-point level at the close today, January 11.

The benchmark index gained 17.2 points, or 1.47%, against the previous session at 1,184.89, with 313 stocks advancing and 134 others declining. Trade on the HCMC market improved a slight 4.64% at over 845 million shares worth more than VND18.5 trillion, up 3.78%, compared to last Friday. Nearly 70 million shares changed hands in block deals, contributing VND2.1 trillion to the overall value.

Despite active trading on the southern bourse, bank stocks bucked the market trend as most of them closed in the red due to increased selling. Only lender STB added 3.6% and led the southern market by liquidity with 33.49 million shares transacted. Other bank stocks such as VCB, BID, CTG, TCB, MBB reversed course to end lower.

Brokerage stocks staged a lackluster performance after days of gaining, with SSI, HCM, VND, VCI, CTS incurring big losses.

Among heavyweights, housing developer VHM stole the limelight with a 6.9% increase as it hit its daily ceiling price at VND103,100.

Another impressive performer was TCH, a financial investment company, which continued to soar to its upper limit and was an actively traded stock with over 12.5 million shares changing hands.

Besides this, other big caps that won included dairy firm VNM, property firm VIC, retailer VRE, and brewery SAB, up 1.8%-4.6%.

On the Hanoi Stock Exchange, the HNX-Index moved sideways and remained below the 220-point level in much of the afternoon. However, turnover of the Hanoi market has improved lately as many investors had switched to trading on the northern market.

With 128 winners and 78 losers, the HNX-Index added 1.71 points, or 0.79% over the session earlier at 219.12. Similar to those on the southern bourse, many bank and brokerage stocks on the northern bourse were losers, such as SHB, SHS, MBS and BVS.

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