Head: Banking shares swim against the tide

Investors rushed to purchase Vietcombank (VCB) stocks after the state-owned bank get approval from State Securities Commission (SSC) to list 1.6 billion additional shares. That also meant the stock became the fourth largest-cap on the local stocks.

With the price soaring since the session’s open, VCB hit the ceiling to close at VND29,500.

Several banking shares rose in line with the VCB’s jump, with Vietinbank (CTG) added 2.43 per cent and Eximbank (EIB) up 0.67 per cent. PetroVietnam Finance (PVF) gained 0.88 per cent. A significant part of those shares’ trading volume was also purchased by foreigners.

However, the majority of blue-chips fell today, led by Vincom Corp. (VIC). Masan Group (MSN) dropped 3.31 per cent, diary giant Vinamilk (VNM) 1.79 per cent while Bao Viet Holding (BVH) was off 0.55 per cent.

The benchmark VN-Index dragged down by those pillars stocks tumbled 8.18 points (1.71 per cent) to 471.49 points.

Saigon Securities Inc. (SSI) eased back. Tan Tao Investment Industry Corp. (ITA) lost while Hoang Anh Gia Lai (HAG) sunk. Mid-cap and small-cap stocks massively dropped as well.

On the southern bourse, 171 stocks fell overwhelming 49 advancers, of which 37 hit the floor.

Liquidity, however, significantly increased with 25.4 million shares worth VND490 ($23.67 billion) changing hands. Among them, put-though volume hit 6.62 million shares worth VND125.93 billion ($6.08 million).

SSI, CTG and Investment and Trading of Real Estate (ITC) were active the most today with approximately one million units traded each.

The Hanoi Stock Exchange was also down thanks to major stocks largely losing. The benchmark HNX-Index lost 1.02 points or 1.24 per cent to 80.98 points. Almost all the market declined with 205 droppers and 59 gainers, while 123 unchanged or untraded.

Trading volume slightly increased to 22.43 million shares, worth VND283.53 billion ($13.69 million).