VN stocks rebound, focus switches to banking, securities firms
Vietnamese shares advanced on Wednesday as the large-cap sector kept rising on positive market sentiment.
The benchmark VN-Index on the Hồ Chí Minh Stock Exchange gained nearly 1 per cent to 1,039.13 points.
The index inched down 0.07 per cent on Tuesday.
The main driver of the market – the large-cap sector – continued increasing as the market sentiment remained upbeat.
The large-cap tracker VN30-Index was up 1.05 per cent to 1,004.03 points.
The VN30 futures due on December 17 rose 1.51 per cent to 1,008.00 points.
The positive movement of the VN30 futures indicates investors are still optimistic about the market’s short-term prospects, according to Sài Gòn-Hà Nội Securities (SHS).
The VN30 futures due on January 21, March 18 and June 17 of 2021 also advanced.
Mid-cap and small-cap stocks also remained positive as the two trackers were up 0.42 per cent and 0.53 per cent, respectively.
Leading companies in the financial-banking sectors posted good gains to support the market.
The insurance, banking and brokerage sectors increased by 1.0-3.4 per cent, according to vietstock.vn.
Among insurers, Bảo Minh Insurance (BMI) jumped 4.7 per cent and Bảo Việt Holdings (BVH) was up 0.5 per cent.
The banking sector was boosted by Vietcombank (VCB), Bank for Investment and Development of Việt Nam (BID), and Techcombank (TCB) – which gained 2.6-3.6 per cent.
Securities shares were still impressive with strong gains seen in SSI Securities (SSI), HCM City Securities (HCM), Vietinbank Securities (CTS), Agribank Securities (AGR) and BIDV Securities (BSI).
CTS, BSI and AGR soared between 6.6 per cent and 6.9 per cent.
Other blue chips such as Vingroup (VIC), Vinhomes (VHM), Novaland (NVL), dairy producer Vinamilk (VNM), aviation company Vietjet (VJC) and tech group FPT Corp (FPT) also ended in positive territory.
“Positive cash inflow proves investors are still optimistic and expecting the market to keep moving up at the moment,” Thành Công Securities (TCSC) said in its daily report.
“The focus is switching to the sectors with good earnings outlooks such as banking and securities,” the brokerage said.
On the Hà Nội Stock Exchange, the HNX-Index rose 1.36 per cent to 158.74 points.
The HNX-Index has totalled a seven-day rally of 7.47 per cent since November 30.
Nearly 671 million shares were traded on the two exchanges, worth VND12.73 trillion (US$549.4 million). — VNS