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Shares gain on growth of banking stocks

Shares gain on growth of banking stocks

 

Inside a Techcombank (TCB) office in Hà Nội. TCB rose 2.3 per cent on Monday. — Photo courtesy of Techcombank

 HÀ NỘI — Vietnamese stock markets had a good start on Monday, largely led by gains in financial shares and heavy-weight stocks.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange gained 0.78 per cent to end the trading session at 907.94 points.

The index had climbed a total of 1.35 per cent last week to 900.95 points, meeting its new three-month high since June 10.

More than 403.4 million shares were traded on the southern market, worth VNĐ7.7 trillion (US$330.7 million).

Market breadth was positive with 220 gainers and 184 decliners.

According to Thành Công Securities Company, the VN-Index may move towards the resistance zone of 920-930 points in the last trading week of September with support from good fundamental large-cap stocks.

The company recommended that investors maintain the holding rate in their portfolio at 50-60 per cent for the medium and long-term.

BIDV Securities Co said market liquidity remained at a stable level and the market breadth was positive, showing that investor sentiment is fairly optimistic on the market outlook.

“According to our assessment, the VN-Index is likely to have positive momentum in the upcoming sessions,” the company said.

The VN30-Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, increased 1.22 per cent to close Monday at 851.54 points.

Many pillar stocks outperformed and supported the market, including dairy firm Vinamilk, rising 2.9 per cent, Mobile World Group, up 4.1 per cent, Vingroup (VIC), growing 2.1 per cent and Vincom Retail (VRE), gaining 1.6 per cent.

Financial stocks also surged and attracted cash flow with notable gainers of Vietcombank (VCB), Techcombank (TCB), VPBank (VPB), HDBank (HDB), Sacombank (SBT) and SSI Securities Incorporation (SSI).

On a sector basis, 16 out of 25 sectors indices gained ground on Monday, including retail, food and beverage, wholesale, insurance, real estate, securities, information and technology, banking, rubber production, construction and construction materials.

On the opposite side, decliners were mining, agriculture, healthcare, seafood production and logistics.

The minor HNX-Index on the Hà Nội Stock Exchange rose 1.07 per cent to end Monday at 130.58 points.

More than 84.7 million shares were traded on the northern exchange, worth VNĐ1.3 trillion.

Foreign investors net bought VNĐ99.26 billion on HOSE. They were net sellers on the HNX with a value of VNĐ3.14 billion. — VNS

 

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