Bank stocks decline despite lenders' handsome profits

HCMC – Many banks continued to report positive figures in their financial statements for the last quarter and the entire year 2018, but their stock prices on bourse still decreased today, January 16.

Among 10 listed bank stocks, VCB slid around 0.89% at VND55,400 and BID lost over 0.9% at VND32,200. TCB, which replaced CTG in the second place in the top five banks by 2018 profit and became the first private bank reaching the profit level of VND10 trillion, also moved sideways at VND26,500.

VPB was the only bank jumping over 3.1% at VND19,850. The lender was also in the top five though it missed the 2018 target, said tinnhanhchungkhoan.vn.

The VN-Index of the Hochiminh Stock Exchange moved flat again, losing a marginal 0.98 point, or 0.11%, against the previous day at 908.7. Market breadth was neutral with 131 stocks rising versus 143 others ending lower.

Turnover on the southern bourse improved strongly thanks to large put-through transactions, with volume and value jumping 29.2% and 36.5% to 164 million shares worth VND3.7 trillion, respectively. Of block deals worth a combined VND1.6 trillion, MWG, an electronics store chain operator, saw 6.9 million shares worth VND634 billion exchanged.

Property giant VIC and its associated enterprises performed strongly. While VIC rose nearly 0.5% at VND102,000, realty firm VHM added 0.5% at VND80,300 and retailer VRE advanced 1.4% to the intraday high of VND31,450.

Among speculative stocks, property enterprise FLC, which led the market by liquidity with matching volume of 10.7 million shares, closed the day up 0.5% at VND5,420 as it subsidiary Bamboo Airways launched its maiden flight today. Construction firm ROS, another associated enterprise of FLC, also increased 0.4% at VND35,600 on volume of 3.7 million shares.

Electricity company POW, which just moved from the market for unlisted public enterprises (UPCoM) to the southern bourse early this week, reported matching volume of 2.4 million shares with foreigners net buying over 209,000 shares. However, POW closed down 0.6% at VND15,600.

On the Hanoi Stock Exchange, the HNX-Index fell 0.58% to the intraday low of 101.99. Of the overall trading value of VND546 billion, block deals contributed VND317 billion, including 11.5 million shares of lender ACB valued at VND302 billion.

However, ACB dropped 1% at VND28,800 while fellow banks SHB and NVB lost 1.4% and 1.1% at VND7,000 and VND8,300, respectively. ART, a securities enterprise, took the lead for liquidity with 2.4 million shares exchanged but it slumped 4.3% at VND2,200.

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