Finance - Banking

Steel and banking stocks help stocks regain green

TH (according to VnExpress) October 8, 2024 16:15

Thanks to the support of some pillar stocks in the steel and banking industries, the stock index improved in the second half of the session and closed up more than 2 points.

VN30-Index có diễn biến khá tương đồng thị trường chung, tăng hơn 3,5 điểm. Ảnh: VNDirect
VN30-Index has a similar performance to the general market, increasing by more than 3.5 points.

The HoSE index rose more than 5 points just minutes after opening when 54% of stocks were in the green. However, in the second half of the morning session, selling pressure returned in many groups, most affecting real estate and securities. The index fell below the reference but not too deep.

The red continued in the early afternoon. But about 30 minutes later, the index improved rapidly and gradually climbed above 1,275 points. Once again, the selling pressure in the ATC session shook the market.

VN-Index closed at nearly 1,272 points, up more than 2 points compared to the reference. Stocks regained green after 4 previous correction sessions. The number of stocks decreasing in price on HoSE was more than the number increasing but not too different, respectively 179 codes and 176 codes.

In terms of industry index, the steel group had the best performance today. Typically, HPG had the highest liquidity in the market, more than 1,020 billion VND, nearly two-thirds of which were active buy orders. Hoa Phat shares increased by 2.1% to 26,950 VND per unit, ranking second in the top 10 stocks contributing the most to the market increase. Two other representatives, HSG and NKG, also accumulated an additional 1.4%.

Steel stocks have shown positive developments after news of continuous price increases since mid-September. Construction steel is being sold at around VND13.5-14 million per ton and is forecasted to have room for further growth.

Thanks to their large proportion in the total market capitalization, some banking stocks also made it to the top of the list of stocks contributing the most to the VN-Index. LPB led the way with a 4.9% increase in market value, followed by TCB, HDB and VPB.

Ho Chi Minh City market liquidity also improved today with the score. Total transaction value reached more than 15,700 billion VND, an increase of nearly 3,900 billion. However, this is the third consecutive session that the liquidity of this floor is below the 20,000 billion mark.

Foreign investors continued to net sell about 116 billion VND. They focused on selling MWG shares, while buying TCB and HPG.

TH (according to VnExpress)
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Steel and banking stocks help stocks regain green