Business

Bank stocks drag VN-Index down

The benchmark VN-Index failed to hold on to its morning rise from Wednesday as bank stocks dragged down the market on May 25.
Bank stocks drag VN-Index down ảnh 1An investor watches market movements at the Royal Securities Company. (Photo: VNA)

Hanoi (VNA) - The benchmark VN-Indexfailed to hold on to its morning rise from Wednesday as bank stocks draggeddown the market on May 25.

The HCMStock Exchange, the VN-Index edged down 0.11 percent at 741.91 points. Thesouthern market index rose 0.24 percent in the previous session.

Bankshares fell under heavy profit-taking selling pressure. Only Military Bank(MBB) and Eximbank (EIB) increased while the other four listed lenders on thesouthern bourse lost between 0.8-1.8 percent.

Many ofthe top 30 largest shares by market value and liquidity also slumped, includingthe highest valued companies like dairy giant Vinamilk (VNM), real estatedeveloper VinGroup (VIC), budget airline Vietjet (VJC), Masan Group (MSN) andsteelmaker Hoa Sen Group (HSG).

Eighteenshares in the VN30 tumbled and only eight advanced.

However, overall market breadth was positive withthe number of rising shares outnumbering losing ones by 152-110 and other 64closed unchanged.

According to analysts at Vietnam InvestmentSecurities Co (VIS), the VN-Index was mostly dragged down by a few leadinglarge-cap stocks. However, positive market breadth and high liquidityreinforced the view that cash flows are shifting from large-cap stocks tosmall- and medium-cap stocks.

“This is normal investment trend which indicatedthat positive trend is spreading to the whole market,” they wrote in a May 25 report.

Realestate was the most prominent sector that attracted investment.

Three of the five most active stocks in HCM City’smarket were property firms, including Hoang Quan Consulting-Trading-ServiceReal Estate (HQC), FLC Group (FLC) and Saigon Thuong Tin Real Estate Co (SCR)with up to tens of millions of shares traded each.

Securitiesand energy stocks were also positive as big companies such as PV Gas (GAS),PetroVietnam Drilling and Services (PVD), Saigon Securities Inc (SSI) and HCMSecurities (HCM) advanced.

However, VIS analysts have cautioned investorsthese two sectors due to a lack of support information.

On the Hanoi Stock Exchange, the HNX-Index rosefor a second day, up 0.54 percent to end at 93.47 points.

Liquidityremained high with a total of 274.2 million shares worth a combined 5.83trillion VND (256.8 million USD) traded in the two markets.-VNA
VNA
#benchmark #VN index #stocks #shares #stock exchange #market index #bank shares #Military Bank #Eximbank #Vinamilk #VinGroup #Vietjet #Masan Group #Hoa Sen Group #Vietnam Investment Securities #Hanoi Stock Exchange #liquidity #Vietnam #Vietnamese #vietnamplus #Vietnam News Agency #Vietnam news #update Vietnam news
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