Banking fosters VN-Index rebound
Bank stocks are the main driver for VN-Index's bullish trend on June 28, 2022. Photo by The Investor/Gia Huy.
Vietnam’s benchmark VN-Index climbed 1.27 % to 1218.1 points on Tuesday, maintaining its bullish trend, with banking being the main driver.
The market opened Tuesday fluctuating around the reference mark and briefly dropping below the 1,200-point milestone. However, VN-Index was bolstered owing to the rallies in bank stocks. The surge was subsequently reinforced and extended in the afternoon session by momentum from the large-cap group.
The VN30 basket, comprised of the 30 largest stocks by market cap and liquidity on the Ho Chi Minh City Stock Exchange (HoSE), saw 23 gainers and five losers. Leading the uptrend was BID (BIDV) with a margin of 6%, followed by other gainers like STB, CTG, HDB, and VPB.
VN30-Index closed the session at 1,273.41, up 16.74 points. Liquidity reached VND6,162 billion ($265 million), accounting for 42.7% of HoSE liquidity.
Small and medium stocks also performed well, with VNSmallCap and VNMidcap up 1.14% and 1.62% respectively.
VN-Index closed Tuesday at 1,218.1, up 15.28 points, with 326 gaining (27 stocks reached the price ceiling) and 136 losing (3 stocks hit the floor).
HNX-Index rose 3.45 points (1.23%) to 283.87, while UpCOM-Index grew 0.87 points (0.99%) to 89.01.
On the three exchanges, 659 stocks were gainers (69 stocks hit the price ceiling) and 300 losers, with total liquidity reaching VND16,935 billion ($729 million), up 20% from Monday’s session.
The champion on Tuesday was banking with most stocks emerging in green. VIB reached the ceiling price, followed by EIB, LPB, BID, and KLB, which grew by around 6%. NVB and SGB were the only two losers, both falling slightly.
Real estate witnessed a strong recovery, with CEO, LDG, and DIG jumping to the ceiling price, among other gainers such as L14, KHG, DXS, HDG, and QCG.
The bullish trend also extended its coverage to other sectors, including construction, petroleum, and industrial real estate.
Despite Monday's enthusiasm, securities and seafood entered a correction, with a series of stocks closing the session below the reference level.
Foreign investors remained net buyers to the tone of VND159 billion ($6.8 million) on the HoSE, focusing on CTG (Vietinbank), MSN (Masan Group), and DPM (Petrovietnam Fertilizer & Chemicals).
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