Banking stocks help lift market

October 13, 2022 - 06:11
The market’s benchmark index lost nearly 3.5 per cent due to strong selling force on Tuesday, mostly broking below the key level of 1,000 points. 
Clients at BIDV's transaction office. The bank shares surged yesterday, boosting the market's rally. Photo

HÀ NỘI — The Vietnamese stock market recouped some losses on Wednesday, up more than 2 per cent, on sharp gains of pillar stocks in key sectors, while foreign capital also net bought on two main exchanges. 

The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) rose 28.61 points, or 2.84 per cent, to 1,034.81 points. However the rally was capped due to some profit-taking activities after it surged by 3.02 per cent in the morning trade. 

The market’s benchmark index lost nearly 3.5 per cent due to strong selling force on Tuesday, mostly below the key level of 1,000 points. 

Stocks traded on the southern bourse posted mostly positive performance. Specifically, there were 278 stocks that inched up, of which 25 stocks hit the biggest daily gain of 7 per cent, while only 72 stocks fell. 

The market liquidity, however, was lower than that of the previous session, with a decrease of 11 per cent in trading value to VNĐ11.47 trillion (US$479.2 million), equivalent to a trading volume of 616.1 million shares. 

The index’s reversal was mainly driven by strong recovery of large-cap stocks, especially in the banking industry. The VN30-Index, tracking 30 biggest stocks on HoSE, climbed 33.25 points, or 3.32 per cent, to 1,034.93 points. 

In the VN30 basket, only one stock slid, while up to 27 finished higher, of which seven posted the biggest daily gain. And the remaining two were flat. 

Statistics from a financial website showed that bank stocks continued to lead the market’s rally with BIDV (BID) gaining the most in market capitalisation, up 7 per cent. 

It was followed by Vietcombank (VCB), Hoà Phát Group (HPG), Vietinbank (CTG), and MBBank (MBB). All the stocks registered maximum intra-day rally of 7 per cent, except VCB with an increase of 3.23 per cent. 

Many other stocks also showed support for the market, including Techcombank (TCB), VPBank (VPB), Vinamilk (VNM), Masan Group (MSN), Vietnam Rubber Group (GVR), Vinhomes (VHM), Novaland (NVL), Becamex (BCM), FPT Corporation (FPT), and Mobile World Investment Corporation (MWG), up at least 1.3 per cent. 

On the Hà Nội Stock Exchange (HNX), the HNX-Index also recovered from the previous day’s loss. It ended Wednesday at 223.43 points, a gain of 4.65 points, or 2.13 per cent. 

During the session, investors poured nearly VNĐ881.6 billion into the northern market, equal to a trading volume of over 54.2 million shares. 

Foreign investors also injected capital into the two main exchanges with a total value of VNĐ1.3 trillion. Particularly, they net bought over VNĐ1.2 trillion on HoSE and VNĐ68.36 billion on HNX. VNS