Banking stock rally helps stock market surge

Vietnam’s benchmark VN-Index on Monday gained 6.51 points, or an 0.61% increase, to close at 1,066.68 thanks to the rally of banking stocks.

The VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), marked its fourth consecutive gaining session, with more than 520 million shares changing hands for over VND9.37 trillion ($395.56 million). Of this, the finance and banking group contributed nearly VND2.5 trillion.

Almost all banking tickers on the HoSE recorded strong gains, with BID of BIDV bank hitting its ceiling price. Other stocks like EIB of Eximbank, ACB of Asia Commerical Bank, and CTG of Vietinbank rose over 5%; while VCB of Vietcombank, HDB of HDBank, MBB of MBBank, and TCB of Techcombank went up 1%. TPB of Tienphongbank was the only loser, falling 1.8%.

The steel sector was also a spotlight with many tickers closing in green. HPG of giant Hoa Phat inched up 1.5% with a trading value of more than VND450 billion ($19.2 million), while smaller caps like NKG of Nam Kim, HSG of Hoa Sen, and POM of Pomina gained more than 3%.

Meanwhile, other groups like real estate, securities, fertilizer, seaport, and aviation were in red.

Foreign investors were net buyers to the tune of nearly VND250 billion ($10.67 million) on the HoSE. FUESSVFL of ETF Ssiam Vnfin Lead attracted the largest sum of foreign capital with over VND120 billion, followed by HPG and BID, VND30 billion each.

The HNX-Index on the Hanoi bourse went down 0.38 points to 210.88, while the UpCOM-Index on the unlisted public company market rose 0.13 points to 72.22.