Stocks end higher on rising bank and oil stocks

VIETNAM, February 24 –

A PetroVietnam Gas worker operating equipment. Shares of the company gained 0.4% on Tuesday. — Photo

HÀ NỘI — Stocks ended higher on Wednesday on the back of large caps in banking and mining groups, supported by increased buying demand late in the trading session.

The benchmark VN index of the Ho Chí Minh Stock Exchange (HoSE) gained 0.59% to close at 1,512.30 points.

The index had lost 0.49% to close Tuesday at 1,503.47 points.

Market breadth turned positive with 111 stocks down, while 326 rose.

More than 695 million shares were traded on the South Exchange, worth VNĐ22.4 trillion ($981.4 million).

The 30 largest stocks following the VN30 index gained 0.42% to 1,538.83 points. Twenty-one in the VN30 basket rose, while seven fell.

Real estate and construction stocks rebounded after prices fell dramatically on Tuesday as a series of large-cap stocks rallied such as Tasco Joint Stock Company (HUT), LDG Investment JSC (LDG), both reaching ceiling prices. Licogi 14 JSC (L14), Development Investment Construction JSC (DIG), CEO Group JSC (CEO), Đất Xanh Group JSC (DXG), Hồ Chí Minh City Infrastructure Investment JSC (CII) and DRH Holdings JSC (DRH) all increased more than 3 percent.

Banking stocks also rose strongly and supported the indices, with winners such as Asia Commercial Bank (ACB), Bank for Investment and Development of Vietnam (BID), Vietinbank (CTG), Military Bank (MBB), Sacombank (STB), Tien Phong Bank (TPB) and Military Bank (MBB).

Energy stocks also attracted cash flow with many winners such as Viet Nam National Petroleum Group (PLX), PVPower (POW), PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling and Well Services Corporation (PVD), Drilling Mud Joint Stock Corporation (PVC) and PetroVietnam Gas JSC (GAS).

Foreign investors sold 107.96 billion VNĐ on HOSE, including Việt Nam National Petroleum Group (PLX) with 63.26 trillion VNĐ, Novaland (NVL) with 36.05 billion VNĐ and FPT Digital Retail Joint Stock Company (FRT) with 31.92 trillion VNĐ). Foreign investors were net buyers on HNX with a value of 120.68 billion VN.

Meanwhile, the HNX index on the Hanoi Stock Exchange (HNX) rose 1.87% to 442.54 points. The index had lost 1.49%, to close Tuesday at 434.43 points.

During the trading session, investors poured 3.2 trillion VNĐ into the Northern Market, which is equivalent to a trading volume of 109 million shares. —VNS

Steve R. Hansen