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VN-Index extends gain on large caps

Shares continued to rise on the Ho Chi Minh Stock Exchange on October 12, fueled by the growth of several major large caps, while the Hanoi Stock Exchange closed in the negative zone under high selling pressure.
VN-Index extends gain on large caps ảnh 1Investors at HCM City Stock Exchange (Photo: VNA)

Hanoi (VNS/VNA) - Sharescontinued to rise on the Ho Chi Minh Stock Exchange on October 12, fueled bythe growth of several major large caps, while the Hanoi Stock Exchange closedin the negative zone under high selling pressure.

On the southern bourse, theVN-Index ended up 0.24 percent to land at 815.87 points, lifting the four-dayrally to 1 percent.

High selling pressurepushed down many large-cap stocks in HCM City as 17 of the top 30 largestshares by market value and liquidity lost value and 12 advanced.

After a strong rally, bankstocks reversed course to decline on Thursday when six of seven listed lenderstumbled, including the Big Four (the four biggest banks by market value andtotal assets). Vietcombank (VCB), Vietinbank (CTG), BIDV (BID) and MilitaryBank (MBB) dropped by less than 1 percent. Only VPBank (VPB) rose by 1.4 percent.

Also, the two biggestlisted steel companies – Hoa Phat Group (HPG) and Hoa Sen Group (HSG) –decreased 0.1 percent and 1.2 percent, respectively.

Insurance, technology andreal estate companies were the main supporter of the market on the day. Bao VietHoldings (BVH) was the biggest gainer, up 3.5 percent; FPT Corp (FPT) increased2.2 percent; and Masan Group (MSN) was up 3 percent.

Property firms likeVinGroup (VIC), Novaland Investment Group (NVL) and FLC Faros Construction roseby less than 1 percent.

“In general, cash flow isstill likely to look for large-cap stocks and the market is hoped to go higher…However, the current cash flow is very risky as it only focuses on the basicstocks with positive earnings prospect,” analysts at Sai Gon-Hanoi Securitieswrote in a note.

On the Hanoi StockExchange, without the backing of large caps, the HNX-Index decreased 0.25 percentto close at 108.38 points.

The HNX30 which tracks thetop 30 largest shares by market value and liquidity here also dropped 0.37 percentto 199.23 points.

October 12’s trading volumedecreased 13.3 percent from the previous session, totaling 198 million shares inthe two markets, but the trading value increased 6.8 percent to reach 4.7trillion VND (207 million USD).-VNA
VNA
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