Investors watch share prices on electric boards at the Bao Viet Securities Company in Hanoi (Photo: VNA) Hanoi (VNA) -Financial stocks’ strong recovery lifted both local exchanges on December 14,but the market’s short-term prospects remained gloomy following the outflow ofmoney.
The benchmark VN Index on the HCM Stock Exchange rose 1.24 percent to close at935.85 points, rebounding from its 0.31 percent loss on December 13.
The HNX Index on the Hanoi Stock Exchange advanced 0.92 percent to end at111.47 points. The northern market index also bounced back from a four-daydecline of 3.5 percent.
More than 217.4 million shares were traded on both local exchanges, worth 4.67trillion VND (207.5 million USD).
Trading figures on December 15 posted an increase of 1.1 percent in volume anda slight drop in value compared to the previous session.
Market trading condition was positive as the number of gaining stocks wasalmost double that of losing stocks, 306 to 157, while 111 others wereunchanged.
Of all 20 sectors, financial stocks – led by banks and securities firms – werethe best performers in the market. There was also growth among food andbeverage producers, property developers and building contractors.
Eight of the 10 bank stocks on both local exchanges advanced, lifting thebanking sector index by 3.1 per cent, data on vietstock.vn showed.
Among them, Vietinbank (CTG) posted the highest growth rate of 5.5 percent,followed by Sacombank (STB), MBBank (MBB) and Vietcombank (VCB).
Bank stocks had performed poorly in the past two weeks. CTG had lost 14.5 percentsince it touched its record high of 24,400 VND on November 30 while VCB haddeclined by 9.3 percent from its all-time peak of 48,500 VND.
The best performers among securities shares were Saigon-Hanoi Securities (SHS),FPT Securities (FTS), Viet Dragon Securities (VDS) and VNDirect Securities(VND).
Other gaining stocks included digital retailer Mobile World (MWG), dairyproducer Vinamilk (VNM), food and beverage Masan (MSN), marble producerVicostone (VCS) and road contractor Tasco JSC (HUT).
Energy firms and Vietnam’s largest brewer Sabeco shares were among those thatsuffered from profit-taking.
PetroVietnam Drilling and Well Services (PVD) and PetroVietnam Gas (GAS) lost0.9 percent each, while PetroVietnam Coating (PVB) fell 1.2 percent.
Shares of brewer Sabeco (SAB) dropped 1.6 percent after having gained a totalof 7.2 percent in the previous two sessions, indicating that investors weredoubtful about Thai Beverage’s interest in buying the company’s stake at itsupcoming share sale, Viet Dragon Securities (VDSC) said in a note.
In general, December 15’s recovery was not enough to confirm the stock markethas returned to its upward trend, as a significant amount of money was beingdrawn out of the market on margin calls, confirmed by the modest tradingliquidity on Thursday, VDSC said.
“It means the investment flow that had continuously helped the benchmark VNIndex set up its fresh 10-year highs will not return in the near future duringthe year-end period,” the note said.-VNA
VNA
