Private banks drive VN-Index pull-back

By Hung Le   December 16, 2020 | 03:29 am PT
Private banks drive VN-Index pull-back
An investor looks at stock prices on a laptop at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
The VN-Index gained 1.11 percent to 1,066.99 points Tuesday, after seeing one corrective session, with private banking blue chips the best performers.

The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, was a sea of green with 296 stocks gaining and 134 losing. Total trading volume abated over 10 percent compared to Monday, reaching VND11.86 trillion ($514.79 million).

Unlike the previous few sessions, where investors were focused on mid-caps with more growth potential, blue chips were the main driving force behind gains on the market this session.

The VN30-Index for the HoSE’s 30 largest caps soared 1.65 percent, with 13 stocks gaining and three losing, soaking up over 50 percent of trading volume.

TCB of private lender Techcombank topped gains with 6.9 percent, followed by VPB of VPBank, up 4.3 percent, and STB of Sacombank, with 4.1 percent.

Also in the private banking sector, HDB of HDBank added 0.7 percent, while EIB of Eximbank kept its opening price.

State-owned banks were also some of the best performers. Of Vietnam’s three biggest lenders by assets, BID of BIDV was up 2.8 percent, VCB of Vietcombank 2.1 percent, and CTG of VietinBank, 1.1 percent. MBB of mid-sized Military Bank surged 3.5 percent.

Another sector that outperformed this session was real estate. NVL of Novaland was up 2.4 percent, KDH of Khang Dien House 1.8 percent, ROS of FLC Faros 1.4 percent, VHM of giant Vinhomes 0.2 percent, while TCH of Hoang Huy Group was flat.

Other major gainers this session included VJC of budget carrier Vietjet Air with 2.5 percent, VRE of mall operator Vincom Retail with 1.3 percent, and SBT of agricultural exporter TTC-Sugar, with 1 percent.

The only three losing stocks this session were SSI of top brokerage Saigon Securities Inc., down 1.8 percent, REE of appliances maker Refrigerated Electrical Engineering, and PLX of gasoline distributor Petrolimex, both by 0.4 percent.

Indices for secondary main bourse Hanoi Stock Exchange (HNX), home to mid- and small-caps, and mezzanine bourse Unlisted Public Companies Market (UPCoM) rose 2.23 percent and 0.90 percent, respectively.

Foreign investors continued to be net sellers to the tune of over 225 billion on all three bourses, with the most net offloaded stocks being HPG of steelmaker Hoa Phat Group, which gained 0.5 percent, and SSI of Saigon Securities Inc.

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