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Tuesday, June 25, 2024

Unlocking the surge in bank stocks

By Trieu Duong

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While many stocks had a hard time in the first half of January, the benchmark market index surged, primarily propelled by the rise of bank stocks. What has fueled the bank stock price rally? Bank stocks soar During the first half of January, in just 10 trading sessions, the stock of Vietcombank (VCB) made a remarkable gain, soaring from VND80,000 to VND90,000 per share, a remarkable increase of over 12%. VietinBank (CTG) witnessed an even more substantial surge, climbing by 16% from approximately VND27,000 to VND31,500 per share, marking its highest level in nearly a year. Similarly, BIDV (BID) shares, while rising by 9%, are currently trading at their highest price since listing. Private banks also had positive growth, albeit at a slightly more modest pace. For instance, Techcombank (TCB) and ACB recorded gains of approximately 9%, VIB saw a 10% increase, Sacombank (STB) grew by 8%, and VPBank (VPB) showed a 6% uptick. Notably, SHB and OCB both surged by 15%, while MBBank (MBB) picked up by over 17%. The overall bank stock index surged by 8.5% within the first ten trading days of 2024, reaching levels last seen in early August and September the previous year. There is […]
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