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VietNamNews

Vietnamese indices buoyed by banking stocks

Update: January, 29/2015 - 09:03
The benchmark VN-Index on the HCM Stock Exchange added 0.77 per cent to reach 583.76 points.
HA NOI  (VNS) — Vietnamese stocks jumped across the board yesterday, owing to the lift in banking shares amidst increasing selling pressure.

The benchmark VN-Index on the HCM Stock Exchange added 0.77 per cent to reach 583.76 points.

However, the transaction value dropped significantly to VND1.9 trillion (US$89.2 million) from VND2.8 trillion ($131.5 million) on Tuesday. Trading volume reached 113.56 million shares.

The VN30 Index, comprising the city's 30 largest stocks, in terms of capitalisation and liquidity, climbed 0.58 per cent to 613.53 points.

Although among the 30 blue chips, the declining stocks overwhelmed the advancing stocks, the latter added value at a stronger speed, assisting the index to rally. Insurer Bao Viet (BVH), Military Bank (MBB), Sacombank (STB) and Vietcombank (VCB) jumped 3 to 6 per cent. MBB was the most active listed code on the southern bourse, trading 8.6 million shares.

Banking stocks generally performed well yesterday. The Bank for Investment and Development (BID) and Vietinbank (CTG) hit the daily increase limit. Eximbank (EIB) also rose 2.9 per cent.

Meanwhile, bank shares on the Ha Noi Stock Exchange, including the Asia Commercial Bank (ACB), the Saigon–Hanoi Bank (SHB) and the National Citizen Bank (NVB) rose between 1.4 and 5.7 per cent.

The bourse's benchmark HNX-Index jumped 1.32 per cent to end at 87.23 points.

The HNX30 Index, representing the performance of the bourse's top 30 blue chips, also gained 1.4 per cent, reaching 168.28 points.

Trading value and volume hit nearly VND739.6 billion ($34.7 million) and 62.7 million shares, respectively.

If the impact of bank stocks is excluded, the overall market did not show positive signals as selling pressure remained relatively strong.

According to analysts for the financial information website vietstock.vn, some leading individual shares in their sectors might generate profits, such as Pha Lai Thermalpower (PPC), Vinh Son-Song Hinh Hydropower (VSH) and Refrigeration Electric Engineering (REE). Retailer Hong Huy Investment (HHS), Thanh Cong Textile Garment Investment (TCM), Ninh Hia Sugar (NHS), as well as food processor Bourbon Tay Ninh (SBT) are also likely to report strong profits. — VNS

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