Việt Nam News

Shares extend gains on bank stocks

November 17, 2022 - 16:37

On the Hồ Chí Minh Stock Exchange, the VN-Index gained 2.8 per cent, to close at 969.26 points. The index had risen 3.4 per cent, to close Wednesday at 942.90 points.

A man withdraws cash from an ATM of the Việt Nam International Commercial JS Bank (VIB). VIB rose 2.5 per cent on Thursday. Photo courtesy of VIB

HÀ NỘI — Shares extended gains on Thursday, propped up by the strong recovery of banking stocks.

On the Hồ Chí Minh Stock Exchange, the VN-Index gained 2.8 per cent, to close at 969.26 points. The index had risen 3.4 per cent, to close Wednesday at 942.90 points.

The market's sentiment was positive with more stocks increasing, of which 397 stocks inched higher and 73 reduced. Liquidity declined compared to the previous session with matching value reaching VNĐ11.4 trillion (US$459.4 million), equal to a matching volume of 724.5 billion shares.

The index's uptrend was strongly supported by heavy-weight stocks as the 30 biggest stocks tracker VN30-Index posted a gain of 3.27 per cent to finish Thursday at 971.04 points. Of the VN30 basket, 23 stocks climbed, while four declined.

Banking stocks performed positively and bolstered the increase of the market with gainers including Military Bank (MBB), Techcombank (TCB), VietinBank (CTG), Việt Nam International Commercial JS Bank (VIB), Saigon-Hanoi Commercial JS Bank (SHB), Tiên Phong Bank (TPB) and Vietcombank (VCB).

Other pillars in the VN-30 basket also soared with some even hitting the daily limit rise of 7 per cent. They included Hòa Phát Group (HPG), the Việt Nam Rubber Group (GVR), Vingroup (VIC) and Vincom Retail (VRE). Other large-caps such as Masan Group (MSN), Vinhomes (VHM), SSI Securities Inc (SSI) all went up over 6 per cent.

“The market may temporarily experience resistance near 970 points,” said Việt Dragon Securities Co.

“Therefore, investors should temporarily limit buying at a high price to avoid the risk of huge volatilities, and in the meantime wait for the fluctuating sessions to pass and accumulate stocks with good fundamentals and deep discounts,” said the company.

On the Hà Nội Stock Exchange, the HNX-Index also rose 2.4 per cent to close Thursday at 187.86 points. It had increased 4.36 per cent to close Wednesday at 183.45 points.

Nearly 45.5 million shares worth VNĐ573.8 billion were exchanged here. — VNS

Việt Nam needs $14 billion to develop EV charging stations

Economy

Incentive mechanisms needed for semiconductor industry: PM

Economy

Hà Nội honours 36 key industrial products

Economy

CPTPP, UKVFTA to boost UK – Việt Nam trade relations

Economy

EVN signs contract for national grid power supply project for Côn Đảo

Economy

Canada Brand campaign begins

More on this story

Economy

Food Expo elevates Vietnamese food brand value

Vietnam Food Expo is considered the largest international exhibition of the food industry in Việt Nam, first organized in 2015, to develop and expand the domestic and export markets for agro-forestry-fishery products.

Economy

Vietnamese stock market loses $20.2 billion in first half of November

As of the end of November 14, the market benchmark VN-Index was the world's worst performance index in a week, a month, a quarter, six months, a year, since the beginning of the year, and from the peak.

Economy

Eco-fair project contributes to reduce carbon emissions

Implemented during 2020-23, the Eco-Fair project is led by VIRI in partnership with the Centre for Creativity and Sustainability (CCS), Funzilife Oy Co Ltd (Funzi), and the Việt Nam Cleaner Production Centre Company (VNCNC).

Economy

Rubber companies' business results gloomy in Q3

The fluctuation of rubber prices was attributed to lower business results in the third quarter of enterprises in the industry.

Economy

Đồng Nai Province calls for investment in housing for workers

The southern province of Đồng Nai solicited investment in building houses for low-income earners at a conference on November 16.

Economy

Tourism sector required to adapt to digital transformation

The collaboration with technology platforms and tourism business sectors will bolster efforts to quickly adapt and take advantage of digital transformation effectively.

Economy

Shares claim losses on bargain hunting

Shares recouped their loss on Wednesday as bargain hunters combed large-cap stocks, lifting the overall market.

Economy

Fuel price cycle to be shortened, removed in the long run

The Ministry of Industry and Trade (MoIT) has proposed a new price mechanism to adjust fuel prices every 5 days instead of the current 10-day cycle, or possibly every day to finally address a number of issues that resulted in sporadic fuel shortage across the country in recent months.

Economy

German strategy on Asia Pacific: diversification but no decoupling from China

That is the messeage that German Chancellor Olaf Scholz may want to send to China and the whole region through his Asian tour this month in efforts to realise duel goals: reducing Germany’s over-independece on China and seeking new momentum to avoid the prospect of recession in Europe’s largest economy.