Banks rebound, lifting both markets

Banks rebounded strongly on Friday morning, lifting both stock indices on the two national stock exchanges.

The VN-Index on the Ho Chi Minh Stock Exchange gained 1 per cent to close the morning trade at 973.92 points.

On the Ha Noi Stock Exchange, the HNX-Index also increased by 1.07 per cent to 109.08 points.

Nine of 13 listed banks on the two exchanges advanced while only two declined.

Biggest gainers included BIDV (BID), up 4.7 per cent; Vietcombank (VCB), up 3.6 per cent; and Vietinbank (CTG), up 2.1 per cent.

Smaller banks on the Ha Noi bourse like Asia Commercial Bank (ACB), Nam Viet Bank (NVB) and Sai Gon-Ha Noi Bank (SHB) also climbed between 1.6-3.6 per cent.

Other heavyweight stocks which pulled the market down in the previous sessions like PV Gas (GAS), Vietjet (VJC) and Bao Viet Holdings (BVH) also improved and supported the market.

Overall market condition was positive with 206 stocks rising, 160 falling and 378 closing flat.

Liquidity declined, however, with 102.6 million shares worth combined VND2 trillion (roughly US$89 million) being traded in the two markets.

Shares on the Unlisted Public Company Market (UPCoM) also saw positive performance with the UP-Index up 0.16 per cent at 51.47 points. Nearly seven million shares worth VND99 billion were traded in this market.

The afternoon session starts at 1pm.

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