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VCSC Daily - VNI rally but fail to break 491 resistance - 1Q results for HAG, VIC, SJS and DIG

A show of confidence in the bad-debt ridden banking system, signalled by strong buying in Vietcombank mostly by foreigner investors, helped sparked a modest rally despite not-so-great 1Q earnings releases from HAG and MSN today. VCB, the country’s 4th largest bank by assets, jumped 5.4% on 3x times average trading volume, despite having yet to release its 1Q earnings. The VNI climbed 4.37 points to close at 490.34 with over half the gains contributed by the rise in VCB’s stock price today.