Big banks, construction firms lead stock market gains

By Hung Le   March 3, 2020 | 03:00 am PT
Big banks, construction firms lead stock market gains
An investor looks at stock boards at a securities company in Ho Chi Minh City. Photo by VnExpress/Huu Khoa.
The VN-Index rose 0.7 percent to 890.61 points Tuesday, led by Vietnam’s three biggest state-owned lenders and construction firms.

216 stocks rose and 127 stocks fell on the Ho Chi Minh Stock Exchange (HoSE), Vietnam’s main bourse, on which the VN-Index is based.

Order-match transactions were worth VND2.92 trillion ($125.73 million), slightly above last month’s average daily trading of VND2.77 trillion ($119.27 million) per session.

The VN30-Index for the bourse’s 30 biggest market caps added 0.31 percent, with 15 tickers gaining and 8 losing.

The biggest gaining ticker this session was CTD of construction giant Coteccons, which gained 6.9 percent, its ceiling price.

It was followed by BID of BIDV and CTG of VietinBank, two of Vietnam’s three biggest lenders by assets, which rose 3.9 percent and 3.7 percent respectively. VCB of Vietcombank, the third, also added 0.5 percent this session.

Other major gaining tickers included BVH of insurance corporation Bao Viet Group, up 1.8 percent, ROS of real estate developer FLC Faros, up 1.4 percent, and GAS of state-owned energy giant PetroVietnam Gas, up 1.3 percent.

Only two stocks of mid-sized banks gained in this session. MBB of Military Bank rose one percent, and VPB of private VPBank, 0.9 percent.

In the opposite direction, SBT of agricultural firm TTC Sugar topped losses with 1.4 percent. Other major losing stocks this session included those of private banks and energy firms.

EIB of mid-sized Eximbank shed 1.1 percent, STB of mid-sized Sacombank dropped one percent, while PLX of state-owned petroleum distributor Petrolimex fell one percent, and POW of Vietnam’s second biggest electricity generator PetroVietnam Power lost 0.5 percent.

Meanwhile, the HNX-Index for stocks on Hanoi Stock Exchange, Vietnam’s second main bourse for small and midcap stocks, surged 1.73 percent, and the UPCoM-Index for unlisted public companies edged up 0.57 percent.

Foreign investors were net sellers for the 16th consecutive session on all three bourses, with a net sell value of VND340 billion ($14.64 million).

Selling pressure was mostly focused on HPG of leading steelmaker Hoa Phat Group, and HDB of private lender HDBank, both of which kept their opening prices this session.

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