Banking stocks lead as VN-Index edges up

By Hung Le   June 10, 2020 | 03:30 am PT
Banking stocks lead as VN-Index edges up
An investor looks at stock prices on the screens at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
The VN-Index rose 0.06 percent to exactly 900 points Wednesday, with stocks of mid-sized banking blue chips topping gains.

The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, opened for trading as usual on Wednesday following a system-related error occurring the previous session that prevented the execution of at-the-close (ATC) orders – orders that happen within the last 15 minutes of trading.

HoSE authorities have decided to cancel all of Tuesday’s ATC orders and keep the pre-ATC prices of all stocks as their closing prices, confirming the provisional result of the VN-Index falling 0.05 percent to 899.43 points in that session.

After a similar incident at the end of January 2018, HoSE had halted trading for two consecutive sessions to verify and process trades with the securities companies.

On Wednesday, 220 stocks gained on HoSE and 164 lost. Forty-eight stocks climbed to their ceiling prices.

Total transaction volume continued to remain high at VND7.14 trillion ($309.82 million), over half of which went to stocks outside the VN30, the basket of HoSE’s 30 highest capped tickers.

The VN30-Index added 0.25 percent, with 14 stocks gaining and 12 losing.

STB of private lender Sacombank led gains with 7 percent, its ceiling price, followed by MBB of state-owned mid-sized Military Bank, up 2.8 percent.

Vietnam’s three biggest state-owned lenders by assets all rose this session, with CTG of VietinBank adding 1.9 percent, BID of BIDV 0.3 percent, and VCB of Vietcombank 0.1 percent.

Other major gainers included POW of electricity generator PetroVietnam Power, up 1.8 percent, TCB of private Techcombank, up 1.4 percent, SSI of brokerage Saigon Securities Inc., up 0.9 percent, and BVH of insurance giant Bao Vieet Group, with 0.8 percent.

In the opposite direction, ROS of real estate developer FLC Faros topped losses with 6 percent, followed by VNM of dairy giant Vinamilk and CTD of construction giant Coteccons, both having fallen 1.6 percent.

Other major losing stocks included PNJ of jewelry retailer Phu Nhuan Jewelry, down 0.8 percent, VIC of Vietnam’s largest private conglomerate Vingroup, down 0.6 percent, and GAS of energy giant PetroVietnam Gas, with 0.5 percent.

Meanwhile, the HNX-Index for stocks on Hanoi Stock Exchange rose 0.46 percent and the UPCoM-Index for stocks on Unlisted Public Companies Market added 0.02 percent.

Foreign investors turned net buyers on all three bourses to the tune of VND185 billion ($8.03 million), with buying pressure mostly on the FUEVFVND, an exchange traded fund replicating the performance of stocks on the VN Diamond Index.

The VN Diamond Index is a group of 14 stocks, which includes blue chips such as TCB, VPB, MBB, MWG, PNJ, CTG and FPT. The basket of stocks, selected based on their free-float capitalization, was introduced by HoSE last November, and the FUEVFVND began trading on May 12 this year.

 
 
go to top