Banking stocks drive VN-Index up 12 points

The VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), rose 12.14 points, or 1.13%, to 1,089.29 on Monday thanks to the rally of banking stocks.

The major bourse saw over 527 million shares changing hands for nearly VND9.6 trillion ($408.77 million), with 219 gainers and 181 losers.

The blue chips made great contributions to the market recovery, gaining 8.67 points, or 0.8%, to 1,094.37, with 22 tickers rising and six declining.

Of this, the banking group showed the best performance, with BID of BIDV bank expanding 3.8%, VCB of Vietcombank 3.2%, TCB of Techcombank 3.1%, CTG of Vietinbank 2.9%, ACB of Asia Commercial Bank 1.6%, and VPB of VPBank 1.4%.

The gaining momentum was also seen in other large-cap codes like PLX of Petrolimex (4%), POW of PV Power (3.3%), NVL of Novaland Group (3%), and BVH of Bao Viet Group (1.8%).

The electricity stocks saw positive transactions following the news that the average retail electricity price range (excluding value added tax) was increased to VND1,826-2,444 per kWh. PC1 of Power Construction No. 1 hit its ceiling price, GEG of Gia Lai Electricity JSC went up 3.4%, and REE of Refrigeration Electrical Engineering Corporation 3.4%.

Green also covered other groups like securities, real estate, oil and gas, seaport and seafood.

Foreign investors were net buyers to the tune of over VND392.2 billion ($16.7 million) on the HoSE. They mainly net bought VCB, STB of Sacombank, SSI of Saigon Securities and VND of VNDirect Securities; while net selling DPM of Petrovietnam Fertilizer & Chemicals Corporation, DXG of Dat Xanh Group, BID, and PVT of Petrovietnam Transportation Corporation.

The HNX-Index on the Hanoi bourse dropped 0.81 points to 214.47, while the UpCOM-Index on the unlisted public company market went up 0.42 points to 75.96.