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Saturday, June 15, 2024

Bank stocks back on track

The Saigon Times

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HCMC – The local stock market ended in bullish mood as heavyweights in the banking, securities, and steel sectors bounced back today, November 12.

As cash flow was strongly channeled into stocks in the three sectors mentioned above, the benchmark VN-Index of the HCMC market managed to beat the resistance level of 1,470 points. It gained 11.02 points, or 0.75% against the previous session to close at 1,473.37, with 271 advancers and 182 decliners.

However, one minor drawback was that turnover on the southern bourse contracted over 24% in volume and over 30% in value versus yesterday at around 955 million shares and VND26.5 trillion.

In the VN30 basket, jewelry maker PNJ staged an impressive performance as it expanded 5.2% to close at its intraday high of VND109,900 and was the biggest gainer in the basket. Meanwhile, rubber group GVR was the worst performer in the basket, declining 1.2%. Other large caps such as GAS, VRE, NVH, KDH, and VIC fell around 0.5%.

Bank stocks stole the limelight. Except for VCB and SHB that dipped slightly by less than 0.5%, EIB continued to hit its upper limit, while the rest also closed in positive territory. Specifically, CTG, MSB, and OCB improved over 2%, and TCB, MBB, ACB, and VIB gained over 1%. Also, many of them including STB, TCB, and CTG were actively traded, with each seeing over 10 million shares changing hands.

Among securities stocks, only VIX ended lower after many winning sessions. CTS and AGR both soared to their ceiling prices, while the top four stocks in this group—SSI, HCM, VND, and VCI—rose around 1%.

Steel stocks accelerated in the afternoon phase, with HPG rising 1.1%, HSG inching up 2.8%, NKG soaring 5.3%, and TLH expanding 4.1%.

Real estate stocks also made gains. KBC reversed course to rise 1.1%, DIG hit its upper limit, and NLG closed at its intraday high.

Apart from big-cap stocks, small and medium stocks were cash magnets as well, with HQC, DAH, HHS, DAG, TNI, and SJF soaring to their upper limits.

On the northern bourse, the HNX-Index added 2.9 points, or 0.66% over the session earlier at 441.63, with 139 winners and 80 losers.

Real estate and construction stocks on the Hanoi market kept gaining steam, especially those in the HNX30 basket. CEO closed at its ceiling price for the fifth straight session, while NRC surged up to 9.4%, and L14 expanded 7.7%.

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