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Sunday, June 23, 2024

High-flying bank stocks prop up local market

The Saigon Times

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HCMC – The relatively impressive rebound of bank stocks drove up the local stock market, enabling the benchmark VN-Index to reach a new high over the past three months and move closer to the 1,400-point level today, October 11.

With 221 winners and 188 losers, the main index surged 21.36 points, or 1.56% against the previous session at 1,394.09. Turnover on the southern market improved over 20% in volume and over 26% in value versus last Friday at more than 632 million shares and VND17.9 trillion. Shares traded in block deals contributed over VND1.8 trillion to the overall value.

In the VN30 basket, only real estate developer NVL and electricity firm POW fell slightly, while the rest continued the uptrend, with bank stocks stealing the limelight. Lender HDB was the biggest advancer among bank stocks as well as in the basket, soaring 5.3%. Besides, other lenders such as CTG, TCB, MBB, and ACB rose by 3.7-5.2%. Lender SHB, a new member on the Hochiminh Stock Exchange, also hit its upper limit and saw over 50 million shares changing hands.

In addition, other bluechips in the basket were contributors to the index’s growth, including retailer VRE soaring 4.5%, and VIC, HPG, SSI, VJC, PNJ, and PDR inching up 2-3%.

Among steelmakers, many closed in positive territory, with HPG expanding 2.7%. As for real estate stocks, three members of the Vingroup family made strong gains, while their fellows such as KBC, VCG, HDG dropped slightly.

On the northern market, bluechips remained the major drivers behind the HNX-Index’s gain. With 103 advancers and 97 decliners, the HNX-Index added 2.43 points, or 0.65% over the session earlier at 374.34.

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