Bank, property shares back VN-Index

16:02 | 13/03/2015 Finance - Banking

The benchmark VN-Index made a rebound on March 12 on the Hochiminh Stock Exchange, led by bank and property stock gains.

Bank, property shares back VN-Index

The VN-Index edged up 0.34 percent to close the session at 588.53 points, while the VN30, which tracks the top 30 shares by market value and liquidity, increased by a slower pace of 0.16 percent to end at 620.24 points.

Bank shares rebounded on the information of positive credit growth in the first month of the year. Major banks such as Vietcombank (VCB), Vietinbank (CTG), and the Bank for Investment and Development of Vietnam (BID) posted modest gains of 0.5-0.8 percent, while others like Sacombank (STB), Military Bank (MBB) and Eximbank (EIB) rose back to the reference price.

Property stock growth also helped the market recover.

FLC Group (FLC), the most active code with 13.1 million shares traded, increased 0.86 percent to finish at 11,700 VND (0.55 USD) a share.

However, overall trading on the southern bourse decreased, with just 83 million shares worth over 1.4 trillion VND (65.4 million USD), down 10 percent compared with the previous session.

On the Hanoi Stock Exchange, oil and gas stock slumps pulled the HNX-Index down 0.17 percent to close at 85.87 points.

Weak trading pushed both market volume and value down 20 percent from the previous day's levels, totaling 30.4 million shares worth 439 billion VND (20.5 million USD).

KLF Joint Venture Global Investment Co (KLF) and F.I.T Investment Co (FIT) were the most heavily-traded stocks here with 2.2 million shares traded on each code. Both ended flat, at 10,600 VND a KLF share and 18,000 VND a FIT share.

Foreign investors remained net sellers in both markets but their net sell value declined 76 percent against the previous session, totaling just nearly 12 billion VND (561,000 USD) worth of shares.

Source VNA