Investors at Asia Commerical Bank Securities Company (Photo: VNA)
Hanoi (VNA) - The benchmark VN-Index overcame the threshold of 750 points on June6, boosted by strong growth of the banking sector. Recently announcedGovernment support policies have led to positive predictions for the sectorthis year.
Onthe HCM Stock Exchange, the VN-Index increased 1.05 percent to close at 751.31points, marking a new nine-year peak for the third time in the past month.
Onthe Hanoi Stock Exchange, the HNX-Index edged up 0.86 percent to end at 95.74points. The northern market index rose 2.7 percent in the last five sessions.
Thebanking sector remained the major support for the market as eight of ninelisted lenders advanced, of which Sacombank (STB) and Nam Viet Bank (NVB) hitthe ceiling prices.
FTSEETF late last week added shares of Sacombank into its portfolio in the nextquarter together with real estate company Novaland Investment Group (NVL).
Fourof the biggest valued banks including Vietcombank (VCB), BIDV (BID), Vietinbank(CTG) and Military Bank (MBB) leapt 1.6-3.9 percent each.
Bankshares recorded an average growth of 3.26 percent, according to data onvietstock.vn on June 6.
TheGovernment’s recent resolution on bad debt settlement and the central bank’sallowance for State-owned commercial joint stock banks to keep dividends whichare supposed to be paid to the State budget to hike their charter capital areexpected to boost business results of banks this year.
Growthof other large-cap stocks like Vinamilk (VNM), brewery Sabeco (SAB), Petrolimex(PXL) and PV Gas (GAS) also contributed to the market rise.
Steelshares were on the uptrend given strong buys from foreign traders. Hoa PhatGroup (HPG) and Hoa Sen Group (HSG), the two biggest listed steelmakers, werethe two most purchased by the foreign sector.
Netbuy values on these two shares were 61 billion VND (2.7 million USD) for HPGshares and roughly 23 billion VND on HSG shares.
Accordingto analysts at Bao Viet Securities Co, profit-taking pressure is likely todramatically increase in coming sessions. With declining liquidity, investorsshould avoid new disbursement and wait for more signals from the market, theysaid.
Liquiditydecreased on June 6 with a total of over 261 million shares worth 4.8 trillion VND(211.5 million USD) traded in the two markets, down 8.6 percent in volume and17.2 percent in value compared to the previous day’s figures.-VNA
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Investors at Asia Commerical Bank Securities Company (Photo: VNA) 
