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Banking & Finance

October 12: Indexes claw back ground

Released at: 14:12, 12/10/2018 Stock Market Watch

October 12: Indexes claw back ground

Chart from TVSI

Bank stocks support market after major correction.

by Hai My

Following recent corrections, red continued to cover the market from the opening minutes on the morning of October 12 and the VN-Index at one point was down nearly 13 points.

As Asian stock markets recovered, however, bottom-fishing helped the index regain ground and eventually get into positive territory.

The market recovered momentum quickly after yesterday’s shock fall. As soon as prices rose slightly, selling pressure increased and the market fluctuated.

Bank stocks attracted strong cash flows and played an active role in steadying the index. Stocks such as ACB, BID, CTG, MBB, VCB, VPB, TCB, and HDB as well as securities and real estate and construction increased handily.

Market movement became more active as the morning session drew to a close. Cash flow was quite strong, pushing indexes upwards.

MWG, VRE, VIC, BHN, PLX, GAS, MWG, PNJ, MSN, and BVH also increased and strengthened the market.

The VN-Index increased 8.11 points (0.86 per cent) to 954 points in the morning, the HNX-Index 0.97 points (0.9 per cent) to 108.14 points, and the UPCoM-Index 0.52 points (1 per cent) to 52.56 points.

HSX saw 153 gainers and 100 losers, while HNX saw 58 and 43.

Foreign cash flow was quite good, with net buying at VND240 billion ($10.2 million). Total trade reached over 138.6 million units worth VND4.8 trillion ($205.7 million), down 38 per cent in both volume and value compared to yesterday’s morning session.

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