6PM Call: Banks Lead the Market - SMV Update
Banking stocks were the main drivers for the market today. In the morning session, when transactions were lackluster, banking stocks pushed the market up by 3.46 points. The sustainable performance of these stocks encouraged inflows to the market, leading to 5.4 points gain for the VNIndex. Beside banks, SAB, VIC and HPG have also contributed to the rise index.
Although the closing session figures showed that the number of gainers dominated that of losers (146 vs. 128), we saw that in most of today’s session, the market breadth was neutral, indicating that investors were not excited as the VNIndex climbed to other record highs. This is also the main reason explaining our skeptical opinion about the current market rally.
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