Stocks cash in on bank activity
Stocks cash in on bank activity
Shares retained gains during December 17's session, driven by a hive of activity on banking stocks.
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| Source: VietstockFinance |
The VN-Index on the HCM City Stock Exchange added 0.36 per cent to close at 393.63 points.
Vietinbank (CTG) bottomed out from the opening minutes until the end of yesterday's session, reaching VND19,400 per share (US$0.9). The stock was heavily sold after exchange-traded fund Vaneck excluded it from the Market Vector Vietnam Index.
The fund had been holding more than 23 million CTG shares.
Meanwhile, two other banking blue chips – Sacombank (STB) and Eximbank (EIB) – enjoyed growth and high trading volumes. EIB saw nearly 19 million shares change hands through the negotiation method with a total value of some VND278 billion ($13.2 million). However, it failed to maintain earlier advancements, finishing the day unchanged.
Sacombank (STB) rose to the daily increase limit, reaching VND19,900. The bank posted on its website last Friday that Tram Trong Ngan, son of Sacombank's vice chairman Tram Be, would be selling his entire 4.93 per cent stake from December 20.
This again sparked rumours the bank could soon be subject to an acquisition. Prior to Sacombank's announcement, Phuong Nam Securities Co and property developer Sai Gon Exim had also divested from the lender.
The total trading value in HCM City hit VND964.7 billion ($45.9 million), jumping 47 per cent over last Friday's activity, on a volume of 67.4 million shares.
The VN30, tracking the southern bourse's top shares, also edged up 0.33 per cent to 462.25 points.
Meanwhile on the Ha Noi Stock Exchange, the HNX-Index managed to close 0.06 per cent higher, edging up to 54.47 points.
With 67.6 million shares traded, market value in Ha Noi climbed 64 per cent on the previous session to VND434.5 billion ($20.6 million).
The HNX30, comprised of the exchange's 30 leading stocks, also put on another 1 per cent to close on 101.65 points, despite the tumble of major stock Asia Commercial Bank (ACB). ACB shed 2.4 per cent yesterday.
The Ministry of Public Security last week concluded the investigation of former Vietinbank HCM City branch's official Huynh Thi Huyen Nhu, finding her guilty of colluding with nine others to commit financial fraud. The investigation agency also prosecuted several ACB staff in relation to the case, possibily contributing to the stock losses.
Meanwhile Sai Gon–Ha Noi Bank (SHB), which added 1.9 per cent, was the most active code nationwide with almost 17 million shares changing hands
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