Vietnam market ends four-day losing streak on banking stock rallies

The Vietnamese stock market ended Tuesday its four-day streak of declines thanks to the positive performance of banking stocks.

The red color covered the market in the morning as real estate stocks continued to be sold off, but the green color appeared in the afternoon with the support of banking stocks.

Closing the session, the benchmark VN-Index, which tracks the Ho Chi Minh Stock Exchange's (HoSE) performance, increased 6 points or 0.66% to 981.65. More than 660 million shares changed hands for VND10,373 billion ($417 million).

The major bourse had over 200 gainers and 230 losers. VN30-Index, which features 30 largest cap stocks on the HoSE, climbed 7.24 points or 0.74 percent to 980.09, with 23 tickers gaining.

Banking, securities, oil & gas, and retail stocks were the market leaders. In the VN30 basket, POW of PV Power hit its ceiling price, STB of Sacombank gained more than 6%, while BID of BIDV bank and SSI of Saigon Securities increased by nearly 5%.

Other banking stocks like ACB, CTG, TPB, TCB, MBB, VCB and VPB of Asian Commercial Bank, Vietinbank, TPBank, Techcombank, Military Bank, Vietcombank and VPBank, respectively, also closed in the green color.

In the mid-cap group, FRT of FPT Retail and DGW of Digiworld expanded nearly 4% and 2.3%, respectively. Securities codes like HCM of HCMC Securities, VCI of Viet Capital Securities, MBS of MB Securities, and SHS of Saigon-Hanoi Securities far exceeded their reference levels. Energy, oil & gas, and food stocks also showed their positive performance.

In contrast, real estate, construction and steel tickers remained massively sold out by investors. Among those hitting their floor prices were NVL of Novaland Group and PDR of Phat Dat Real Estate Development JSC, HBC of Hoa Binh Construction Corp, CTD of Coteccons Construction JSC, HSG of Hoa Sen Group, and NKG of Nam Kim Steel JSC.

Foreign investors continued to net purchase about VND500 billion ($20.1 million) on the HoSE, mainly buying KDH of real estate developer Khang Dien, POW, DGC of Duc Giang Chemicals Corporation, SSI and VND of VNDirect Securities.

The HNX-Index on the Hanoi bourse was up 1.21 points or 0.61% to 199.77, while the UpCOM-Index on the unlisted public company market rose 0.03 points or 0.04% to 72.28.