Market extends rallies on banking stocks

Market extends rallies on banking stocks

Foreign investors have been active in the market, registering their third consecutive session of net purchases exceeding VNĐ1 trillion.

A bank teller talks to a customer at an MBBank transaction office. Shares of the bank jumped nearly 5 per cent on Thursday, leading the market's bullish sentiment. — Photo courtesy of the bank

The Vietnamese market experienced some volatility on Thursday, but indices still managed to finish higher, supported by strong performances in the banking and financial sectors.

On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index rose by 5.47 points, or 0.32 per cent, to 1,737.24 points.

The breadth of the southern bourse remained positive, with 217 stocks gaining and 91 declining. Liquidity continued to increase from the previous session to over VNĐ26.53 trillion (US$1 billion).

The 30 biggest stocks tracker, VN30-Index, also rose 7.54 points, or 0.38 per cent, to 1,979.53 points. In the VN30 basket, 16 stocks increased, ten fell and four stayed unchanged.

A standout performer was MBBank (MBB), whose stock price surged 4.68 per cent to VNĐ25,700 per share, driven by a remarkable increase in trading volume approaching 81 million shares.

This marks the third consecutive session of significant gains for MBB, bringing its total rise to over 10 per cent, an increase of VNĐ2,500 per share.

Despite these gains, MBB’s stock remains more than 8 per cent below its historic peak of nearly VNĐ28,000, reached in mid-October.

The recent rally followed announcements from several military enterprises regarding the sale of over three million MBB shares.

Notably, the companies involved included General Corporation 28, which announced the sale of 2.5 million shares, along with Defence Industry Technical Material One Member Limited Liability Company and 14 Mechanic and Chemicals One Member Limited Liability Company, which sold 306,456 and 232,984 shares respectively.

The securities sector also attracted significant investor interest, with prominent stocks such as VIX Securities (VIX) gaining 3.09 per cent, SSI Securities Corporation (SSI) up 1.39 per cent, Vietcap (VCI) climbing 1.15 per cent, and HCM City Securities (HCM) rising 1.32 per cent.

In contrast, the real estate sector faced some profit-taking pressure, particularly on Vin stocks.

Vingroup (VIC) fell 0.89 per cent, Vinhomes (VHM) 1.5 per cent and Vincom Retail (VRE) 0.29 per cent.

However, several large-cap real estate stocks posted gains, including Dat Xanh Group (DXG) up 3.23 per cent, Phat Dat Development Real Estate (PDR) up 2.03 per cent, and DIC Group (DIG) up 2.97 per cent.

On the Hanoi Stock Exchange (HNX), the HNX-Index rose 2.64 points, or 1.02 per cent, to 262.31 points, with a trading volume of over 77.9 million shares, equivalent to more than VNĐ1.68 trillion.

Foreign investors remained active, registering their third consecutive session of net purchases exceeding VNĐ1 trillion. 

Bizhub