Tuesday , September 26 2023

Banking stocks help VN-Index rebound

Vietnam’s benchmark rose 1.56 percent to 1,465.30 points Thursday, the biggest gain in over two weeks, with banking tickers continuing to lead blue chip gains.

The index started to rise in the last hour of trading and closed 22.5 points higher after losing nearly 57 points in the first two days this week.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, declined marginally to VND22.4 trillion ($989 million).

The VN30 basket, comprising the 30 largest capped stocks, saw 21 tickers in the green, led by BID of state-owned lender BIDV with a 7 percent gain to a new peak.

The ticker has not been majorly affected by the bearish market in recent weeks. It has gained nearly 26 percent this year.

POW of electricity producer Petrovietnam Power Corporation followed with a 5.9 percent rise.

CTG of state-owned lender VietinBank climbed 3.8 percent, continuing its upward trend, while STB of Ho Chi Minh City-based lender Sacombank moved up 2.7 percent.

Other gainers included GVR of Vietnam Rubber Group, up 2.2 percent, and MBB of lender MB, up 2 percent.

VJC of budget airline Vietjet was the biggest loser among six falling blue chip tickers with a 2.1 percent decline.

VIC of biggest private conglomerate Vingroup dropped 0.8 percent, and VNM of dairy giant Vinamilk fell 0.5 percent.

Foreign investors were net sellers to the tune of VND156 billion, with focus on NVL of real estate developer Novaland Group and NLG of real estate developer Nam Long Investment Corp.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 0.61 percent while the UPCoM-Index for the Unlisted Public Companies Market gained 1.7 percent.

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