Shares extend gains on bank stocks

A man withdraws cash from an ATM of the Việt Nam International Co妹妹ercial JS Bank (VIB). VIB rose  二. 五 per cent on Thursday. Photo courtesy of VIB

HÀ NỘI — Shares extended gains on Thursday, propped up by the strong recovery of banking stocks.

On the Hồ Chí Minh Stock Exchange, the VN-Index gained  二. 八 per cent, to close at  九 六 九. 二 六 points. The index had risen  三. 四 per cent, to close Wednesday at  九 四 二. 九0 points.

The market's sentiment was positive with more stocks increasing, of which  三 九 七 stocks inched higher and  七 三 reduced. Liquidity declined compared to the previous session with matching value reaching VNĐ 一 一. 四 trillion (US$ 四 五 九. 四 million), equal to a matching volume of  七 二 四. 五 billion shares.

The index's uptrend was strongly supported by heavy-weight stocks as the  三0 biggest stocks tracker VN 三0-Index posted a gain of  三. 二 七 per cent to finish Thursday at  九 七 一.0 四 points. Of the VN 三0 basket,  二 三 stocks climbed, while four declined.

Banking stocks performed positively and bolstered the increase of the market with gainers including Military Bank (MBB), Techcombank (TCB), VietinBank (CTG), Việt Nam International Co妹妹ercial JS Bank (VIB), Saigon-Hanoi Co妹妹ercial JS Bank (SHB), Tiên Phong Bank (TPB) and Vietcombank (VCB).

Other pillars in the VN- 三0 basket also soared with some even hitting the daily limit rise of  七 per cent. They included Hòa Phát Group (HPG), the Việt Nam Rubber Group (GVR), Vingroup (VIC) and Vincom Retail (VRE). Other large-caps such as Masan Group (MSN), Vinhomes (VHM), SSI Securities Inc (SSI) all went up over  六 per cent.

“The market may temporarily experience resistance near  九 七0 points,” said Việt Dragon Securities Co.

“Therefore, investors should temporarily limit buying at a high price to avoid the risk of huge volatilities, and in the meantime wait for the fluctuating sessions to pass and accumulate stocks with good fundamentals and deep discounts,” said the company.

On the Hà Nội Stock Exchange, the HNX-Index also rose  二. 四 per cent to close Thursday at  一 八 七. 八 六 points. It had increased  四. 三 六 per cent to close Wednesday at  一 八 三. 四 五 points.

Nearly  四 五. 五 million shares worth VNĐ 五 七 三. 八 billion were exchanged here. — VNS