Bank stocks boost VN markets

Commercial banks lifted Vietnamese markets on Tuesday as investors got a boost from positive changes on global bourses.

 

The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 1.70 per cent to close at 1,001.32 points.

Successfully passing the 1,000 point level, the VN Index marked its highest level since October 8, 2018.

The VN-Index had dropped 1 per cent over three consecutive days.

On the Ha Noi Stock Exchange, the HNX Index was up 1.14 per cent to end at 109.55 points.

The northern market index increased by 1.23 per cent in the last two trading days.

More than 272.7 million shares were traded on the two bourses, worth VND5.5 trillion (US$235.8 million).

The turnover of the stock market on Monday was attributed to strong growth of bank stocks.

The banking sector index jumped 3.8 per cent, data on vietstock.vn showed.

Vietnamese bank stocks matched financial stocks across the globe following good news on Brexit talks between Britain and the EU.

According to Tran Duc Anh, head of macroeconomy and market strategy at KB Vietnam Securities, there was a strong connection between Vietnamese and other global markets.

Among the banking stocks that recorded high growth rates were the Bank for Investment and Development of Vietnam (BID), Vietinbank (CTG) and Sai Gon-Ha Noi Bank (SHB), Vietcombank (VCB) and Military Bank (MBB).

The five banks rose at least 3.4 per cent.

In addition, the petroleum sector was the next best-performing industry with its industry index going up 2.1 per cent thanks to continuing increases of oil prices.

US benchmark West Texas Intermediate (WTI) and Brent on Monday gained around 1 per cent each to trade at $57.37-67.28 a barrel.

Investors were likely to start cashing on the gains in the coming days, leading to volatility, Thanh Cong Securities JSC (TCSC) said in a note.

The VN-Index was forecast to move between 980 points and 1,020 points in the next few days, the company said.

bizhub

 

 

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