Financial stocks’ strong recovery lifted both local exchanges on December 14, but the market’s short-term prospects remained gloomy following the outflow of money. Investors watch share prices on electric boards at the Bao Viet Securities Company in Hanoi The benchmark VN Index on the HCM Stock Exchange rose 1.24 percent to close at 935.85 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 at 111.47 points. The northern market index also bounced back from a four-day decline of 3.5 percent. More than 217.4 million shares were traded on both local exchanges, worth 4.67 trillion VND (207.5 million USD). Trading figures on December 15 posted an increase of 1.1 percent in volume and a slight drop in value compared to the previous session. Market trading condition was positive as the number of gaining stocks was almost double that of losing stocks, 306 to 157, while 111 others were unchanged. Of all 20 sectors, financial stocks – led by banks and securities firms – were the best performers in the market. There was also growth among food and beverage producers, property developers and building contractors. Eight of the 10 bank stocks on both local exchanges advanced, lifting the banking 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… [Read full story]
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