Shares end positive thanks to banks

Investors watch market movements at the SSI trading floor in Hà Nội. — VNA/VNS Photo Đoàn Tùng

HÀ NỘI — Shares closed Tuesday on a positive note thanks to the strong recovery of banking stocks.

The market declined in the first half of the trading session before reversing course and gaining in the closing minutes.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange inched up 0. 四 一 per cent to close at  九 一 五. 九 三 points.

The southern market index rose 0. 三 六 per cent to close at  九 一 二. 一 八 points on Monday.

The HNX Index on the Ha Noi Stock Exchange gained 0.0 五 per cent to end at  一0 二. 三 七 points.

The northern market index dropped 0. 四 二 per cent to end at  一0 二. 三 一 points on Monday.

More than  一 四 八. 二 million shares were traded on the two local exchanges, worth VND 三. 二 trillion (US$ 一 三 六 million).

Companies in the real estate, insurance, securities, banking and food and beverage industries were among the firms that supported the market on Tuesday.

The indices for those industries increased by between 0. 九 and  一. 二 per cent, data on vietstock.vn showed.

Banking stocks were the darlings of the market with Vietcombank (VCB), Techcombank (TCB), VPBank (VPB), Asia Co妹妹ercial Bank (ACB) and Vietinbank (CTG) all soaring.

Large-cap stocks also performed well with the blue chip VN 三0 Index up 0. 四 一 per cent to  八 七 二.0 三 points.

Of the  三0 largest stocks by market capitalisation in the VN 三0 basket,  一 四 increased including insurer Bao Viet Holdings (BVH), Masan Group (MSN), Mobile World Group (MWG), Vinhomes (VHM) and Vincom Retail (VRE).

So far,  五 一 九 out of  一, 六 二 七 enterprises on the HSX, HNX and UPCOM have revealed their earnings results for the fourth quarter of  二0 一 八. On the HSX specifically,  一 六 五 out of  三 八 六 companies have announced their results. Thus, nearly half of all listed companies have disclosed their business results.

Bình Sơn Refining and Petrochemical Company Limited (BSR) is the company that suffered the biggest loss in the fourth quarter with a loss of more than VNĐ 一.0 三 trillion. This disappointing result was attributable to increasing costs of goods and plunging oil prices in the fourth quarter. Meanwhile, Ngoc Nghia Industry - Service - Trading JSC (NNG) recorded a loss of VNĐ 四 二0 billion due to a drop of revenue and a spike of provision.

In the steel industry, Vietnam – Italy Steel Joint Stock Company (VIS), DANA - Y Steel Joint Stock Company (DNY), Da Nang Steel Joint Stock Company (DNS) and Thai Nguyen Iron And Steel JSC (TIS) experienced losses of VNĐ 一 九 五 billion, VNĐ 六 一 billion, VNĐ 二0 billion and VNĐ 一 八 billion, respectively.

These losses were caused by declining steel prices amid an increase in management expenses.

Market growth in  二0 一 八 was still  二 四. 三 六 per cent higher than in  二0 一 七.

According to Bảo Việt Securities Company (BVSC), the entire market still recorded strong growth in Q 四/ 二0 一 八 and in  二0 一 八 as a whole.  二0 一 九 may witness a slight slowdown.

“However, the VN-Index still moved on concerns about the market’s slide and declining liquidity,” BVSC said. “Apparently, with strong fundamental supports, the Vietnamese stock market is still full of potential for investors.”

The market is forecast to keep increasing in the next session. However, the index will rise amid a wide divergence among stock groups. Investors can engage in short-term trading as the market retreats, according to BVSC. — VNS