Bank stocks fuel market growth

Bank stocks bounced back on June 15 after a week of high volume sales, helping lift the VN-Index to 586.48 points, up 0.64 percent over June 12.

On the HCM Stock Exchange, Military Bank (MBB) hit its ceiling at 14,800 VND (0.68 USD) a share and Vietinbank (CTG) closed at near-ceiling price of 20,800 VND (0.95 USD) each.

Other lenders like Vietcombank (VCB), BIDV (BID) and Eximbank (EIB) also increased 2.3-3.9 percent.

Blue chips, which tracks the top 30 shares by market value and liquidity, were mixed with a barely noticeable gain of 0.04 percent.

Real estate shares did not fair so well, losing momentum as many hot shares such as VinGroup (VIC), Dat Xanh Real Estate Service & Construction (DXG), Thu Duc Housing Development (TDH), Song Da Urban & Industrial Zone Investment & Development (SJS) and Khang Dien Investment & Trading House (KDH) turned down in a decline.

Few held up with gains. Tan Tao Investment Industry (ITA) went up 3 percent and Hong Quan Consulting Trading Service Real Estate (HQC) was up 1.7 percent.

FLC Group (FLC), the most active code with 28 million shares traded, closed flat at 9,500 VND a share.

The market condition was neutral with 108 stocks rising, 106 tumbling and 89 going flat.

Liquidity remained positive as almost 155 million shares worth 2.28 trillion VND (104.6 million USD) were exchanged by the end of the session.

On the Hanoi Stock Exchange, the HNX-Index extended gains to its fourth consecutive day with a modest rise of 0.47 percent to end the session at 88.36 points.

Banks like Asia Commercial Bank (ACB) and Saigon-Hanoi Bank (SHB) propped up the market. SHB was also the most heavily-traded stock with 6.4 million shares and climbing 2.5 percent to finish at 8,300 VND.

The market volume dropped 10 percent from the level of June 12, totaling 63.4 million shares, and trade value fell 20 percent to reach 731.5 billion VND (33.6 million USD).

Foreign traders were had a mixed showing on June 15. They unloaded shares worth a net 31 billion VND (1.4 million USD) in the southern bourse but were responsible for a net buy of 21.2 billion VND (972,500 USD) in northern counterpart./.