Shares gain on oil and banking stocks
Shares gain on oil and banking stocks
Vietnamese shares posted a strong comeback on Monday after a two-day collapse, due to strong investor interest in large-cap stocks that led the market upturn on expectations of good earnings reports.
The benchmark VN-Index on the HCM Stock Exchange (HOSE) gained 3.77 per cent to close at 1,041.79 points. It was down 1.89 per cent to close Friday at 1,003.94 points.
The HNX Index on the Ha Noi Stock Exchange (HNX) rose 3.85 per cent to end at 100.02 points. It edged up 0.48 per cent to end at 117.50 points on Friday.
The UPCOM Index on the Unlisted Public Company Market (UPCoM) jumped 1.70 per cent to finish at 57.45 points. The index jumped 3.30 per cent to finish at 56.76 points.
More than 221.8 million shares were traded on the three local exchanges, worth VND5.87 trillion (US$258 million).
Financial-banking and oil stocks were the best-performing among the 20 sectors on the stock market with the banking, brokerage and energy industry indices jumping 5.65 per cent, 4.16 per cent and 6.23 per cent, respectively, data on vietstock.vn showed.
Market trading conditions turned positive on Monday, with 469 gaining stocks against 155 decliners, while 297 other stocks remained unchanged.
Large-cap stocks also had a good trading day as 26 of the 30 largest shares by market capitalisation advanced in the VN30 Index.
The VN30 Index was up 2.81 per cent to 1,034.76 points with more than 60 million shares exchanged, worth VND3.03 trillion.
Blue chip stocks were strongly bought and pulled the VN-Index as well as the VN30 up especially in the ATC session. Banking (BID, CTG, and MBB reached the ceiling price) and petroleum (PVS, GAS, PVD reached the ceiling price) were the largest contributing sectors.
In addition, securities, steel, real estate and aviation sectors also showed positive aspects with green colour dominating these stocks.
Foreign investors were net sellers with VND450.67 billion on HOSE, focusing on HPG (VND228.03 billion), VRE (VND103.00 billion), and VNM (VND60.44 billion). In addition, they sold a net of VND9.44 billion on the HNX.
According to BIDV Securities Co (BSC), after the recent sharp correction, stock prices were quite reasonable for investors.
“Moreover, the rumour that adjusting the margin rate will be postponed helped demand become stronger,” BSC said in its daily report.
“It is likely that in tomorrow’s session, cash flow will continue to shift into the market and financial sectors such as banking and securities are quite attractive,” it added.
Meanwhile, Bao Viet Securities Company (BVSC) said in its report that after the rally on Monday, the market may become balanced in the last session before the Tet holiday.
“The divergence and low liquidity may be seen on the market on February 13,” it said,
