Market maintains momentum thanks to banking stocks

On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index rose by 12.43 points, or 0.93 per cent, to 1,353.77 points.

The market's breadth was overwhelmingly positive with advancers beating decliners by about 718 to 195. Notably, 89 stocks reached ceiling prices while only 13 hit floor prices.

During the session, around 520 million stocks were traded on the southern bourse, equivalent to nearly VND14.5 trillion (US$633 billion).

Bullish sentiment prevailed in the market, leading to lots of green on the screens. The 30 biggest stock tracker VN30-Index inched up by 5.13 points, or 0.37 per cent, to 1,402.03 points.

It is also worth noting that 14 stocks in the VN30 basket finished higher yesterday, five ended flat and 11 slid.

Banking stocks led the market rally with gainers including Vietcombank (VCB), Bank for Investment and Development of Vietnam (BID), Techcombank (TCB), VietinBank (CTG), Military Bank (MBB), Vietnam International Commercial JS Bank (VIB) and Saigon Hanoi Commercial JS Bank (SHB).

Manufacturing stocks were also riding high on the trend with the steel giant Hòa Phát Group (HPG) gaining 3.16 per cent. Other stocks ending in the green include Masan Group (MSN), Vietnam Rubber Group (GVR) and Bình Sơn Refining and Petrochemical (BSR).

Realty stocks were another contributor to the market pickup with various stocks gaining value. Notably, up to 164 stocks in the sector gained ground whereas the number of losers was just 35.

The trio of stocks in the Vin family – Vingroup (VIC), Vinhomes (VHM) and Vincome Retail (VRE) – gave a mixed performance with the two first staying flat and the latter declining.

On the Hanoi Stock Exchange (HNX), the benchmark HNX-Index saw a boost of 11.92 points (3.45 per cent) to end at 357.09 points.

Analysts believed that despite low liquidity, rising demand for various stocks, notably banking stocks, has provided an impetus to the market, lifting both indices.

Foreign investors pulled out of the market on Wednesday with a total net selling value of VND250.1 billion. Of which, they net sold VND253.23 billion worth of stocks on HoSE and net bought VND3.14 billion on HNX.