Bank shares rise but indices decline

Stocks slipped this morning as investors rushed to realise profits after three successive days of gains.

In Ho Chi Minh City, the VN-Index slid 0.12 per cent to finish at 489.65.

The value of today's trades soared 72.6 per cent to almost VND3.28 trillion ($164 million) while trading volume jumped 64.6 per cent to almost 135 million shares.

Declines outnumbered advances 197-52.

Bank shares again performed well. Except for Sacombank (STB), which posted a gain of 4.3 per cent, Eximbank (EIB), Vietinbank (CTG) and Vietcombank (VCB) all hit the limit of their trading band.

Sacombank - almost 15 million shares sold - was the most active.

Blue chips such as insurer Bao Viet Holdings (BVH), PetroVietnam Finance (PVF) and property developer Vincom Co (VIC) also rose in value.

In Hanoi, the HNX-Index declined 1.77 per cent to close at 119.61.

But market volume and value doubled over yesterday to almost 111 million shares worth VND2.26 trillion ($113 million).

Declines were six times higher than advances.

Asia Commercial Bank (ACB), Hanoi Housing Bank (HBB) and Saigon - Hanoi Bank (SHB) rose - the latter two to their ceiling prices.

Hanoi Housing Bank (HBB) was the most heavily-traded share nation-wide with more than 16 million changing hands.

Source VNS