Private banks drive VN-Index pull-back
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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 losings. 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 losings, soaking up over 50 percent of the 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.
Questions & Answers
Q.Which specific stocks contributed most to the VN-Index's gains this session?
Which specific stocks contributed most to the VN-Index's gains this session?
TCB of Techcombank led with a 6.9 percent gain, followed by VPB of VPBank up 4.3 percent, and STB of Sacombank with a 4.1 percent increase. Other private and state-owned banks also performed well.
Q.What was the overall market sentiment like on the Ho Chi Minh Stock Exchange?
What was the overall market sentiment like on the Ho Chi Minh Stock Exchange?
The Ho Chi Minh Stock Exchange saw widespread gains, with 296 stocks rising compared to 134 losing. The VN-Index increased by 1.11 percent, indicating a strong positive session for the market.
Q.How did trading volume compare to the previous session, and what were investors' main focus?
How did trading volume compare to the previous session, and what were investors' main focus?
Total trading volume abated over 10 percent compared to Monday, reaching VND11.86 trillion. Unlike previous sessions, investors focused on blue chips as the main driving force for gains.
Q.Were foreign investors buying or selling stocks during this session, and which stocks were affected?
Were foreign investors buying or selling stocks during this session, and which stocks were affected?
Foreign investors were net sellers, offloading over 225 billion across all three bourses. The most net offloaded stocks were HPG of Hoa Phat Group and SSI of Saigon Securities Inc.
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