Market Trends: The banking revival
- Vietnam stock market had an explosive trading session thanks to the comeback of banking stocks.
- At the end, VN Index gained 15.09 points, or +1.13% and closed at 1,354.63. Liquidity decreased slightly as the trading value was only VND 19,305 bn, equivalent to 636mn shares traded. Foreign investors reversed to net buy of more than VND 561 billion, in which the put-through value of TPB (+1.19%) stocks worth more than VND 1,000 billion was remarkable.
- Although banking group was the main support for VN Index to skyrocket, the oil & gas giant, GAS (+4.81%) was the MVP contributing the most to the index, followed by VHM (+1.79%). and CTG (+2.79%). On the contrary, VNM (-0.67%), VPB (-0.63%) and HPG (-0.36%) corrected slightly but still had relatively affected on the index.
- Today marked the return of banking stocks after a long-time correction. That brought positivity sentiment to the index and spread that to the whole market. Besides, the current P/E valuation of VN Index,16.5 is still an attractive opportunity for a positive outlook of the “new normal”.
- Technically, VN Index broken out the pennant pattern. Besides, the MA50 and MA50 lines crossed above the MA100, creating a golden cross, showing a positive signal, the probability of VNIndex's reversal is less likely.
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