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Shares recover on banking stocks
Stocks recovered on Thursday, bolstered by the growth of the banking stocks group.
An employee of Techcombank (TCB). TCB rose 2.1 per cent yesterday. — Photo TCB
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On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index gained 0.62 per cent to close at 1,128.93 points.
Market breadth was positive with 163 decliners and 312 gainers.
Some 717 million shares were traded on the southern exchange, worth VNĐ15.5 trillion (US$638.4 million).
Thursday witnessed a notable recovery in the stock market, driven by the strong performance of the banking stocks group. The positive momentum in this sector played a crucial role in bolstering overall market sentiment and attracting investor interest, said the news site cafef.vn.
Banking stocks gained ground with most of the stocks in the basket rising, including Vietinbank (CTG), Asia Commercial Bank (ACB), National Commercial Joint Stock Bank (NVB), Vietcombank (VCB), Military Bank (MBB), HDBank (HDB), and Techcombank (TCB).
The recovery in the banking stocks group had a spillover effect on the broader market. As the sector gained traction, investor sentiment improved, fostering a positive market environment. The upward movement in this key sector attracted attention and encouraged further buying activity across other segments of the market.
The VN30-Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, gained 1.13 per cent to reach 1,128.51 points. In the basket, 25 stocks climbed, one stayed flat and four slid.
"It is expected that the market will adjust in the next trading session to find an equilibrium point after many increasing sessions. However, it is possible that the market will be supported near the 1,115 point area and recover to continue the process of exploring supply and demand around the MA line (200)," said Việt Dragon Securities Co.
"Therefore, investors need to observe supply and demand developments, and can consider support price zones to buy short-term stocks that have created an accumulation base and have shown positive movements recently. However, in the short term, you should still take advantage of recovery periods to take profits at good price areas or restructure your portfolio."
On a sector basis, 23 out of 25 sector indices on the stock market gained ground, including oil and gas, banking, wholesale, construction, rubber production, IT and logistics, agriculture, real estate, food and beverage, retail, seafood production, construction materials, securities, and plastic and chemical production.
The HNX-Index on the Hà Nội Stock Exchange (HNX) rose 0.33 per cent to close Thursday at 231.35 points.
More than 55.9 million shares were traded on the northern exchange, worth VNĐ1 trillion.
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