Banking stocks lead market gains
Banking stocks lead market gains
Shares edged up on both the national stock exchanges yesterday, after dropping in the morning trading session, as the high capital flows supported the benchmark indices, especially banking stocks.
Although the State Securities Commission denied rumours that the regulation for a foreign stake increase will be passed this week, the flow of capital into the market continued to be large. More than VND3.6 trillion (US$171.4 million) was injected into the market yesterday.
As more than 400 million shares traded last Thursday were transferred to investors' accounts on Tuesday, the market was under pressure from profit taking, causing the benchmark indices to decline in the morning trading session.
However, investors surprisingly boosted buying in the afternoon trading session and saved the indices from losses at the close of the day's trading.
On the HCM City Exchange, the VN-Index ended the day at 598.81 points and approached the 590-point level.
More than 157.7 million shares were traded, with a total trading value of about VND2.76 trillion ($131.4 million).
Tracking the southern city's top shares by capitalisation and liquidity, the VN30-Index edged up 0.96 per cent to end at 667.91 points. Gainers at 16 overwhelmed losers at 7.
After a strong flow of capital in recent trading sessions, stocks of the real estate sector experienced profit taking yesterday. Meanwhile, banking stocks rose to become the most actively traded, despite bad debt disclosures.
The index of the banking stocks (VS-Banking) posted the highest gains on the market, with a rise of 2.23 per cent. Advancers of the banking sectors included Vietinbank (CTG), Military Bank (MBB), Sacombank (STB) and Vietcombank (VCB), which helped the indices to close higher yesterday.
Stock of real estate developer Hoang Anh Gia Lai (HAG) added value for three consecutive trading days, with a rise of 6.9 per cent to reach its ceiling price of VND28,000 ($1.33) per share, despite net selling by foreign investors. More than 9.9 million shares of Hoang Anh Gia Lai were traded yesterday.
PetroVietnam Transportation Corporation (PVT) also hit its ceiling price of VND14,900 ($0.7) per share, and its stock price increased by 6.4 per cent.
On the Ha Noi Exchange, the HNX-Index experienced its fourth straight day of gains and rose 0.66 per cent to close at 82.79 points.
The HNXFF-Index advanced 1.03 per cent to reach 81.91 points.
With more than 93 million shares exchanged, the trading value was VND900 million ($42.8 million).
Foreign investors bought shares worth VND43.33 billion ($20.6 million) in net value yesterday, including those of Vietcombank (VCB), Masan Group (MSN), PetroVietnam Drilling (PVD) and Bao Viet Group (BVH).
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