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.
Investors at HCM City Stock Exchange (Photo: VNA)Hanoi (VNS/VNA) - 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.
On the southern bourse, the VN-Index ended up 0.24 percent to land at 815.87 points, lifting the four-day rally to 1 percent.
High selling pressure pushed down many large-cap stocks in HCM City as 17 of the top 30 largest shares by market value and liquidity lost value and 12 advanced.
After a strong rally, bank stocks reversed course to decline on Thursday when six of seven listed lenders tumbled, including the Big Four (the four biggest banks by market value and total assets). Vietcombank (VCB), Vietinbank (CTG), BIDV (BID) and Military Bank (MBB) dropped by less than 1 percent. Only VPBank (VPB) rose by 1.4 percent.
Also, the two biggest listed steel companies – Hoa Phat Group (HPG) and Hoa Sen Group (HSG) – decreased 0.1 percent and 1.2 percent, respectively.
Insurance, technology and real estate companies were the main supporter of the market on the day. Bao Viet Holdings (BVH) was the biggest gainer, up 3.5 percent; FPT Corp (FPT) increased 2.2 percent; and Masan Group (MSN) was up 3 percent.
Property firms like VinGroup (VIC), Novaland Investment Group (NVL) and FLC Faros Construction rose by less than 1 percent.
“In general, cash flow is still 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 basic stocks with positive earnings prospect,” analysts at Sai Gon-Hanoi Securities wrote in a note.
On the Hanoi Stock Exchange, without the backing of large caps, the HNX-Index decreased 0.25 percent to close at 108.38 points.
The HNX30 which tracks the top 30 largest shares by market value and liquidity here also dropped 0.37 percent to 199.23 points.
October 12’s trading volume decreased 13.3 percent from the previous session, totaling 198 million shares in the two markets, but the trading value increased 6.8 percent to reach 4.7 trillion VND (207 million USD).-VNA
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