Banking stocks push VN-Index up to 4-month high

The rally of banking stocks was the main factor helping Vietnam’s benchmark VN-Index gain 12.44 points, or 1.06%, to close at 1,181.5 on Friday, the highest level since September 22 last year.

The trading value on the Ho Chi Minh Stock Exchange (HoSE), represented by the VN-Index, hit VND14.8 trillion ($602.85 million), up VND1.6 trillion from the previous session. The southern bourse saw up to 306 tickers gaining and 186 losing.

The VN30 index, which tracks the performance of 30 largest cap stocks, expanded 11.32 points to 1,185.23, with 26 codes rising and four declining.

Stock groups with the most positive contributions to the market were banking, services, and chemicals.

Banking stocks took the lead in both score and liquidity. BID of BIDV, VC of Vietcombank and CTG of VietinBank made the biggest contributions to the VN-Index, up 4.9%, 1.6% and 3.5%, respectively.

Other gainers included TCB of Techcombank, MBB of MBBank, VPB of VPBank, ACB of Asia Commercial Bank, STB of Sacombank, MSB of Maritime Bank, VIB of Vietnam International Bank, OCB of Orient Commercial Bank, and EIB of Eximbank.

Foreign investors were net sellers on the HoSE to the tune of VND179 billion ($7.29 million), the highest since the year beginning.

They mainly net purchased banking stocks such as STB, VPB, BID and VCB. HPG of steel maker Hoa Phat, MWG of retailer Mobile World Investment Corp, and VHM of real estate giant Vinhomes also won their favor.

The HNX-Index on the Hanoi Stock Exchange, home to mid and small caps, fell 0.2% to 229.48, while the UPCoM-Index for the Unlisted Public Companies Market went up 0.34% to 87.46.