Bank stocks lead VN-Index recovery

By Hung Le   February 25, 2020 | 03:07 am PT
Bank stocks lead VN-Index recovery
An investor watches stock prices at a brokerage office in Hanoi. Photo by AFP.
Banking sector stocks led gains as the VN-Index rose 0.7 percent to 909.67 points Tuesday, following a sharp loss in the previous session.

The Ho Chi Minh Stock Exchange (HoSE), Vietnam’s main bourse on which VN-Index is based, saw 218 stocks gain and 142 stocks lose.

Order matched transactions fell to VND2.99 trillion ($128,99 million) from the abnormally high VND4.16 trillion ($179.42 million) in the previous session, when the VN-Index plunged 3.19 percent.

The VN30-Index for the bourse’s 30 biggest market caps did even further, rising 1.45 percent, with 19 gaining and 9 losing.

Unlike the last session, when losses were led by the banking sector, the five biggest gaining tickers on the VN30 Tuesday were also that of banks.

CTG of VietinBank, one of Vietnam’s biggest lenders by assets, topped gains rising 7 percent, its ceiling price. Of the other two, BID of BDIV surged 5.4 percent while VCB of Vietcombank fell 1.1 percent.

CTG was followed by stocks of three mid-sized lenders, VPB of VPBank, MBB of state-owned Military Bank, and TCB of Techcombank which gained 3.5 percent, 3.3 percent and 2.9 percent respectively.

Other major gaining tickers included FPT of IT services giant FPT, up 2.9 percent, CTD of construction firm Coteccons, up 2.4 percent, and PNJ of Phu Nhuan Jewelry, 2.2 percent.

In the opposite direction, ROS of real estate developer FLC Faros topped losses with 1.4 percent. The blue chip is currently one of the most volatile VN30 stocks, swinging from floor to ceiling prices for most sessions in the past month.

Stocks related to Vingroup, Vietnam’s biggest private conglomerate all fell this session. VIC of parent company Vingroup shed 0.3 percent, while VHM of its real estate arm Vinhomes and VRE of retail arm Vincom Retail dropped 1.1 percent and 0.5 percent, respectively.

Other major losing stocks included GAS of state-owned energy giant PetroVietnam Gas, down 1.1 percent, MSN of food conglomerate Masan Group, down one percent, and VJC of budget carrier VietJet Air, 0.8 percent.

Meanwhile, the HNX-Index for stocks on Hanoi Stock Exchange, Vietnam’s second main bourse for small and midcap stocks, surged 2.38 percent, while the UPCoM-Index for unlisted public companies gained 0.54 percent.

Foreign investors were net sellers for the eleventh consecutive session on all three bourses, with a net sell value of VND143 billion ($6.17 million). Selling pressure was mostly focused on VCB of Vietcombank and HAG of agricultural giant Hoang AnhGia Lai, which actually rose 4.7 percent to its ceiling price.

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