VN-Index gains for second session on banking stock rallies

The strong gain of banking stocks helped Vietnam’s benchmark VN-Index increase for the second session on Wednesday to 1,015.66, up 11.09 points or 1.1% from Tuesday.

The Ho Chi Minh Stock Exchange (HoSE), represented by the index, saw 259 gainers and 146 losers. More than 590 million shares were traded for VND10.67 trillion ($451.5 million).

The VN30-Index, which reflects the performance of the 30 largest-cap stocks, rose 6.59 points, or 0.65%, to 1,013.95, with 19 tickers gaining and nine declining. PDR of Phat Dat Real Estate Development Corp was the only ticker that hit its ceiling price.

Banking stocks had the most positive impact on the VN-Index, with VCB of Vietcombank, BID of BIDV bank, and CTG of Vietinbank up 1.14%, 4.75%, and 2.07%, respectively. The green color also covered VPB of VPBank (1.4%), MBB of MBBank (1.16%), STB of Sacombank (1.78%), EIB of Eximbank (2.95%).

A strong divergence was seen in many stock groups like steel, real estate, securities, energy, and retail.

Typically, among the steel tickers, HPG of Hoa Phat went down 0.3%, NKG of Nam Kim remained unchanged, while HSG of Hoa Sen and POM of Pomina Steel increased 1.3% and 4.2%, respectively.

Similarly, in the energy group, while GAS of PV Gas closed in the red, PLX of Petrolimex, PVT of PetroVietnam Transportation Corp, PVD of PetroVietnam Drilling, and OIL of PVOIL all gained.

Manufacturing and aviation stocks showed their good performance, with VNM of Vinamilk up 0.52%, MSN of Masan Group 1.53%, SAB of brewer Sabeco 2.92%, DGC of Duc Giang Chemicals 1.37%, HVN of Vietnam Airlines 2.31%, and VJC of Vietjet Air 4.81%.

Foreign investors were net buyers for the third consecutive session to the tune of more than VND331 billion ($14 million) on the HoSE. They mainly net purchased STB, SAB, DGC, NVL of Novaland, and MSN.

The HNX-Index on the Hanoi bourse went up 2.9 points to 206.04, while the UpCOM-Index on the unlisted public company market dropped 0.08 points to 70.44.