Shares recover on banking stocks
Shares recover on banking stocks
Shares rebounded on Tuesday morning thanks to the recovery of banking stocks.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 0.59 per cent to close at 907.16 points.
The southern market index lost 0.10 per cent to close at 901.80 points on Monday.
The HNX Index on the Ha Noi Stock Exchange increased 0.91 per cent to close at 102.50 points.
It slumped 0.28 per cent to close at 101.58 points on Monday.
Market liquidity remained at a very low level with around 73 million shares traded on the two local exchanges, worth VND1.65 trillion (US$70 million).
Large-cap stocks performed well as the blue-chip VN30 Index climbed 0.40 per cent to 862.82 points.
In the VN30 basket, 20 of the 30 largest stocks by market capitalisation advanced while only eight declined.
Banking, securities, real estate, mining, insurance and construction materials stocks lost ground in the morning session.
Those industry’s indices were down by between 0.4 per cent and 1.4 per cent, data on vietstock.vn showed.
Banking shares such as Techcombank (TCB), VPBank (VPB), Asia Commercial Bank (ACB), Bank for Investment and Development (BID), Vietinbank (CTG), Military Bank (MBB) and Vietcombank (VCB) rallied and were the motivation for the market’s recovery.
Bluechips including Bao Viet Holdings (BVH), PetroVietnam Gas JSC (GAS), Hoa Phat Group (HPG), Masan Group (MSN) and Vinhomes (VHM) also gained, supporting the market.
Oil and gas stocks also performed well with PetroVietnam Drilling & Well Services Corporation (PVD), PetroVietnam Technical Services Corporation (PVS) and Petrovietnam Transportation Corporation (PVT) soaring.
The afternoon trading session starts at 1pm.
