Stocks advance on extended gains by banks
Stocks advance on extended gains by banks
Shares advanced on both local exchanges on Tuesday morning, driven by banks, while market trading liquidity remained low ahead of the Tet holiday.
The benchmark VN Index on the HCM Stock Exchange was up 0.6 per cent to close at 691.03 points. The southern market index gained 0.7 per cent in the previous two sessions.
The HNX Index on the Ha Noi Stock Exchange edged up 0.4 per cent to end at 83.36 points. The northern market index closed down 0.3 per cent on Monday.
Bank stocks lifted the market, with seven of the nine listed banks making gains, including Asia Commercial Bank (ACB), Vietcombank (VCB), Sacombank (STB), Vietinbank (CTG) and Bank for Investment and Development of Viet Nam (BID).
Bank stocks have increased in recent days on expectations that the government will sell part of its stake in local commercial banks, especially the three largest ones -- Vietcombank, Vietinbank and BIDV.
In addition, investor confidence in bank stocks has also been bolstered by positive earnings reports that banks have released and the government's determination to restructure the banking system to meet international standards.
Other sectors that contributed to the market gains this morning included securities, energy and real estate.
More than 67.8 million shares were exchanged this morning, worth VND1.15 trillion (US$51.3 million).
