Bank stocks lift VN-Index up
Profit taking pressure kept rising on the local stock market today, August 16, but bank stocks were strong enough to send the VN-Index of the Hochiminh Stock Exchange back into positive territory.
With 133 gainers and 128 losers, the main index increased a slight 2.91 points, or 0.3%, at 964.28. Turnover on the southern market slid 7.9% in volume and 2% in value to 174 million shares worth VND4.3 trillion.
Having dropped steeply in the morning, many large stocks in the banking and petroleum sectors made a sharp turnaround. In which, lender CTG gained 3.8% at VND26,150 per share and led the market by liquidity with 11.2 million shares traded.
MBB, another bank, added 1.7% at VND23,700 per share with matching volume of 7.5 million shares. PLX, a leading oil distributor, gained 2.9% at VND64,600 a share with over 1.4 million shares traded.
However, oil drilling firm PVD still lost 2.3% at VND14,750 a share, after Vietcombank Securities Investment Fund had announced to sell its remaining 90,000 shares at the firm before September 15.
According to vietstock.vn, the divestment will go smoothly given high liquidity of PVD shares, with the share price meeting little impact from the sales. However, the PVD outlook will largely depend on its business results, after the firm announced poor results in the first and second quarter of this year.
Among small stocks, Ocean Group (OGC) went up to its daily upper limit of VND2,250 a share on volume of nearly 2.5 million shares. The group recently announced that Ha Van Tham, who was sentenced to life imprisonment for breaches of lending regulations at Ocean Bank, and his private firm Ha Bao used to own 3.3 million shares and 68.7 million shares at OGC, respectively.
On the Hanoi Stock Exchange, the HNX-Index rose sharply before losing steam and closing down 0.1% at 107.92. Trading on the northern market tumbled, with volume and value shedding 21.9% and 20% at 42.5 million shares worth over VND662 billion.
Most bank stocks declined, with the top heavyweight ACB dipping 0.5% at VND36,800 per share. SHB again took the lead by liquidity with over nine million shares traded, falling 1.2% at VND8,300 per share.
Foreign investors turned active on the selling side, net selling VND322 billion on the HCMC market compared to a modest net selling value of VND31.9 billion on Wednesday. Meanwhile, they net sold around VND5 billion on the Hanoi exchange.
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