Banking pillar stocks set market foundations

November 22, 2011 | 17:00

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Two banking stocks Sacombank (STB) and Military Bank (MBB) suddenly brightened the gloomy market Tuesday.

STB gained 0.6 per cent to VND15,500, outperforming the market with more than three million shares traded.

The banking stock rose for the fifth straight trading day since the November 16 session – the day when the bank registering to start its share buyback plan. Also, more than three million the shares had been negotiated to day.

MBB also jumped 3.32 per cent to close at VND12,800, with 1.1 million units matched.

In line with the two banking shares’ rally, several blue-chips rose as well. Among them, Saigon Securities Inc. (SSI), PetroVietnam Finance (PVF), Eximbank (EIB) and Vietcombank (VCB) all ended higher.

Besides, the blue-chip Bao Viet Holdings (BVH) hit the ceiling to VND59,500, the real estate giant Song Da Urban & Industrial Zone Investment and Development (SJS) also sharply jumped, while a mass of other major stocks like Licogi16 (LCG), Hoa Phat Group (HPG), FPT Corp. (FPT) climbing.

The VN-Index of Ho Chi Minh Stock Exchange (HoSE) advanced 2.62 points or 0.69 per cent to close at 381.76 points, although the benchmark had fallen for half of the session.

Meanwhile, speculative penny stocks massively sunk. Hoang Quan Consulting-Trading-Service Real Estate Corp (HQC) dropped for the fourth straight session. Post and Telecommunications Investment and Construction (PTC) had fallen non-stop since the November 1 session, with 13 out of 16 sessions saw the stock hitting the floor.

Notably, Viky Plastic fell to VND800 today, becoming the first stock with a market price of less than VND1,000.

Liquidity still kept very weak at 32.2 million shares worth VND474.5 billion ($22.9 million). Put-through volume rose again to 9.8 million shares worth VND184 billion ($8.9 million), led by STB, MBB and Ocean Group (OGC).

Supported by HoSE’s gain, Hanoi Stock Exchange (HNX)’s HNX-Index also turned head to climb 0.06 points or 0.1 per cent to 61.74 points at the session’s close. Still, some 133 stocks declined while just 49 up.

Investors mainly cashed in major stocks like Kim Long Securities (KLS), VNDirect Securities (VND) and PetroVietnam Construction (PVX). Total volume hit 23.2 million shares worth VND217.5 billion ($10.5 million).