Tuesday, 05/21/2019 14:22

Foreign traders buy $257.5m Vingroup's shares, both indices up

Shares advanced on Tuesday morning driven by growth of banks, with foreign investors buying a net value of VND6 trillion (US$257.5 million).

 

The VN-Index on the Ho Chi Minh Stock Exchange edged up by 0.35 per cent at 990.63 points, while the HNX-Index on the Ha Noi Stock Exchange inched up by 0.26 per cent at 106.59 points.

Liquidity soared with 144 million shares worth VND7.85 trillion ($337 million) being traded in the two markets. Most of the value came from negotiated trade in Vingroup’s (VIC) shares by foreign investors worth a net buy value of VND6 trillion.

Overall market conditions were neutral, with 198 stocks rising, 197 falling and 360 remaining unchanged.

Banking stocks were the market engine this morning as eight of 13 listed banks gained value and only two declined.

Five banks increased by more than 1 per cent, including Bank of Investment and Development of Vietnam (BID), Techcombank (TCB), Sacombank (STB), Asia Commercial Bank (ACB) and Vietnam Prosperity Bank (VPB).

Two of the three biggest banks by market value – Vietcombank and Vietinbank – rose by 0.2 per cent each.

On the other hand, oil and gas stocks adjusted down after growing strongly on Monday. PV Gas (GAS), PetroVietnam Drilling and Wells Service (PVD) and PetroVietnam Coating (PVB) decreased by less than 1 per cent.

Crude oil prices climbed 1.4 per cent on Monday after OPEC indicated a continued production cut amid escalating tension in the Middle East. West Texas Intermediate (WTI) oil fetched $63.66 per barrel, while Brent crude was at $73.27 per barrel.

The afternoon trade starts at 1pm.

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