Banking stocks fire up investors

November 07, 2012 | 17:00

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Banking stocks suddenly raised up the market Wednesday but liquidity has not improved yet.

The market largely turned to green rhythm, with 168 stocks ending higher overwhelming 51 decliners on Ho Chi Minh Stock Exchange (HoSE). Also, advancers outran decliners 156 to 46 on Hanoi Stock Exchange (HNX).

HoSE’s VN-Index gained 3.95 points or 1.05 per cent to 380.9 points, while HNX-Index advanced 0.92 points or 1.82 per cent to 51.58 points.

Banking stocks led the gainers, with Vietcombank (VCB) and Vietinbank (CTG) hitting the ceiling right from the morning trading until the session’s close. Vietinbank (CTG) had 850,000 units matched and Vietcombank (VCB) had 225,000 shares matched.

Saigon-Hanoi Bank (SHB) was strongly active on HNX with 11.2 million shares matched. The stock gained 2.08 per cent despite big selling pressure.

Asia Commercial Bank (ACB) gained 2.04 per cent, Military Bank (MBB) added 0.77 per cent, Eximbank (EIB) 0.68 per cent and Navibank (NVB) jumped 4.3 per cent. Sacombank (STB) declined 0.53 per cent.

Other financial stocks also rallied in line with the banking tickets’ rise. PetroVietnam Finance (PVF) and Bao Viet Holdings (BVH) both hit the ceiling.

Speculative stocks massively turned to green rhythm but the gains were modest. Real-estate stocks Tan Tao Investment Industry Corp. (ITA) gained 2.63 per cent and outperformed the southern bourse while Kinh Bac City Development Share Holding Corp. (KBC) jumping 4 per cent.

Real-estate pennies Sao Mai Construction Corp. (ASM), Hoang Quan Consulting – Trading – Service Real Estate Corp. (HQC) advanced more than 2 per cent each. Saigon Commercial Real Estate (SCR) declined 4.44 per cent on HNX.

Duong Hieu Trading and Mining (DHM) hit the ceiling while other mineral tickets reducing their upward momentum.

Meanwhile, securities company shares VNDirect Securities (VND), Kim Long Securities (KLS) just modestly advanced, while small brokerages Saigon-Hanoi Securities (SHS), Au Viet Securities (AVS) and Asia - Pacific Securities (APS) soaring.

Liquidity including also put-through value stayed low on both bourses. HoSE’s liquidity reduced to only 31.1 million shares worth VND380.6 billion ($18.4 million). HNX’s liquidity reached 30.9 million shares worth VND193.2 billion ($9.3 million).