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Largecaps help keep main index afloat

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HCMC – Despite increased selling pressure dampening the local stock market, good-performing largecap stocks propped up the VN-Index of the Hochiminh Stock Exchange today, October 12.

Closing the session, the benchmark index added 1.83 points, or 0.2% against last Friday at 925.83, with 127 winners and 295 losers. Notably, trading value on the southern bourse exceeded VND9 trillion, up a staggering 35.51% versus the previous session while volume rose 17.8% at over 457 million shares. Shares traded in block deals contributed some VND1.3 trillion to the overall value.

Major supporters for the main index were big-cap stocks such as housing developer VHM, property firm VIC, dairy company VNM, and gas firm GAS that made slight gains. Also, two lenders VCB and BID inched up over 1%, while their fellow CTG was the biggest winner in the VN30 basket as it soared a massive 5.24%. Consumer goods company MSN also expanded 3%.

Besides this, bank stocks attracted cash flow, with three of them being among the top five stocks by liquidity on the southern bourse. Specifically, lender STB reported a matching volume of 17.96 million shares, its fellows CTG and TCB saw 16.83 million and 14.2 million shares changing hands, respectively.

Notably, after insurer BVH announced it will close a list of shareholders for an 8% cash dividend payment, the company recorded an outstanding trading session both in value and volume. At the close, BVH surged a staggering 6.2% to nearly reach its ceiling price of VND52,900, with over 3.9 million shares traded.

Meanwhile, aside from lenders TCB, STB, HDB, and retailer VRE that reversed course to end lower, brewery SAB, a large-cap stock, was the main dragger of the index as it plunged 2.5% to its intraday low of VND188,100.

On the northern bourse, many large stocks undergoing some correction or returning to their reference prices caused the HNX-Index to lose 1.01 points, or 0.74% over the session earlier at 135.9. The Hanoi market saw 64 stocks advancing and 90 others declining.

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