Bank stocks trip VN-Index in losing session

By Hung Le   January 13, 2020 | 02:55 am PT
Bank stocks trip VN-Index in losing session
An investor watches stock figures on a display at a brokerage in Hanoi. Photo by Reuters.
VN-Index fell 2.7 points, or 0.28 percent, to 965.84 points Monday, with all blue chips in the banking sector closing in red.

205 stocks lost and 123 gained on Ho Chi Minh Stock Exchange (HoSE), on which VN-Index is based.

Order-matched transactions plunged to VND1.9 trillion ($82.23 million) from nearly VND3 trillion ($129.84 million) the previous session, making Monday the most cautious session in the past two weeks.

VN30-Index for Vietnam’s 30 biggest market caps shed 0.27 percent, with 17 tickers losing and 10 gaining. Eight stocks in this basket lost at least one percent.

ROS shares of real estate developer FLC Faros was again the biggest losing stock on the market, having fallen 7 percent, the ninth time it hit floor price in the previous 11 sessions. The stock has lost over 47 percent since Christmas.

It was followed by BID of BIDV, one of the three largest state-owned banks in Vietnam, and GMD of sea freight and port services firm Gemadept, which both dropped 2.3 percent.

CTG of VietinBank and VCB of Vietcombank, the other two major state-owned lenders, fell 1.5 percent and 0.1 percent, respectively.

All other stocks in the banking sector fell this session, with VPB of VPBank and STB of Sacombank, both private mid-sized lenders, down 2.1 percent and 1 percent, respectively.

Other major losing stocks included NVL of real estate developer Novaland, down 1.4 percent, VNM of Vietnam’s biggest dairy firm Vinamilk, down 1.3 percent, and FPT of IT services giant FPT, which slipped 0.7 percent.

In the other direction, VHM of real estate developer Vinhomes, the second largest market cap stock on HoSE, led gains with 2.1 percent. The stock of its parent corporation, VIC of Vietnam’s biggest private conglomerate Vingroup, also rose 0.1 percent.

DPM of state-owned PetroVietnam Fertilizer & Chemicals Corporation was next with 1.2 percent, followed by MSN of food conglomerate Masan Group, up 0.9 percent, and PNJ of Phu Nhuan Jewelry, up 0.6 percent.

Meanwhile, HNX-Index for stocks on Hanoi Stock Exchange, Vietnam’s second main bourse for small and mid-cap stocks, rose 0.08 percent, while UPCoM-Index for unlisted public companies gained 0.14 percent.

Foreign investors net bought nearly VND65 billion ($2.59 million) worth of shares on all three bourses this session, with selling power focused on HPG of Hoa Phat Group, and E1VFVN30, an investment fund that possesses stocks in all companies in the VN30 basket.

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