VN-Index advances on bank stocks

Vietnamese shares remained positive on both local exchanges on November 14 as banking-financial stocks performed well on strong foreign purchases.


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Investors at the Saigon Securities Inc.’s office in Hanoi


The benchmark VN Index on the HCM Stock Exchange inched up 0.18 percent to close at 880.90 points despite strong selling pressure when the benchmark neared the level of 885 points during the session.

The VN Index has achieved total growth of 5.7 percent after the last eight consecutive sessions.

The HNX Index on the Hanoi Stock Exchange gained 0.26 percent to end at 107.06 points. The northern market index has rallied total 2.1 percent in the last five trading days.

More than 266.5 million shares were traded on both local bourses, worth 9.68 trillion VND (430.3 million USD).

The stock market continued to be dominated by declining stocks, which outnumbered gaining ones by 253 to 204.

The trading figures posted a decrease of 22 percent in volume and 32 percent in value compared to November 13’s numbers.

Banking-financial stocks were the main driving factor pushing local markets up on November 14, after they received strong purchasing from foreign investors.

Foreign investors on the day posted 198.5 billion VND worth of net buy value.

Net foreign investment in shares of Vietcombank (VCB) reached 22.73 billion VND, 19 billion VND in Bank for Investment and Development of Vietnam (BID), 18.5 billion VND in Viet Capital Securities (VCI) and 10.9 billion VND in HCM City Securities (HCM).

Among those four financial stocks, VCI hit its daily increase limit of 6.9 percent and the three others were up between 0.2 percent and 1.5 percent.

Large-cap stocks continued to attract huge investor attention as 20 of the 30 largest shares by market capitalisation advanced. The VN30 Index increased by 0.34 percent to 871.08 points.

On the negative side, profit-taking strengthened when some stocks reached investors’ expected profitable price ranges.

Dairy producer Vinamilk (VNM) fell 2.4 percent after it had gained nearly 17 percent in the previous four sessions. Bình Minh Plastic Co (BMP) dropped 1.7 percent from a six-day increase of total 21 percent. -VNA

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