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VN-Index breaks over 1,200 points for the 1st time in 5 months

VIETNAM, February 15 - HÀ NỘI — The stock market inched higher on Thursday after a week closed due to Tết holiday, buoyed by gains in bank stocks.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index increased for the fourth straight day, up nearly 4 points, or 0.33 per cent, to 1,202.5 points. This was its highest close in nearly five months.

The breadth of the market was positive, with 218 stocks edging higher while 95 ticked down. Liquidity also rose from the last session to more than VNĐ19.3 trillion (US$793.2 million) from VNĐ15.5 trillion.

The VN30-Index, which tracks the 30 biggest stocks on HoSE, also finished higher at 1,217.12 points, a 4.42 points increase, or 0.36 per cent. Seventeen ticker symbols in the VN30 basket gained, while eight fell and five stayed flat.

According to VNDirect Securities Corporation, an attractive market valuation and a significant recovery in the fourth quarter financial results are boosting market sentiment.

Market liquidity is expected to improve positively in the second half of February, when retail investors gradually return to the stock market after the Lunar New Year holiday. Rising domestic capital flow can boost the VN-Index's upward momentum towards the psychological resistance zone of 1,200-1,220 points this month.

Data compiled by a financial website vietstock.vn showed that bank stocks dominated the market's rallies today. In particular, Techcombank was the biggest gainer, up 2.95 per cent.

It was followed by MBBank (MBB), Vietnam Maritime Commercial Joint Stock Bank (MSB), Orient Commercial Joint Stock Bank (OCB), VPBank (VPB) and Vietnam International Commercial Joint Stock Bank (VIB). All the stocks soared 1.84 per cent.

Other stocks contributing to the upward trend were Hòa Phát Group (HPG), up 1.95 per cent, and Sabeco (SAB) climbed 1.04 per cent.

Gains were capped as some stocks still faced strong selling pressure. Of which, Asia Commercial Joint Stock Bank (ACB) posted the biggest loss of 2.86 per cent.

The HNX-Index on the Hà Nội Stock Exchange (HNX) also closed higher at 232.75 points, up 1.71 points, or 0.74 per cent.

During the session, more than 61.2 million shares were traded on the northern bourse, worth nearly VNĐ1.3 trillion.

Meanwhile, foreign investors were net sellers on both main exchanges. They set sold VNĐ325.8 billion on HoSE and VNĐ29.31 billion on HNX. — VNS