Wednesday, February 20 2019

VietNamNews

Textile, seafood shares help market

Update: January, 16/2019 - 07:00
Investors follow market fluctuations on the Saigon Securities (SSI) trading floor. — VNS Photo Đoàn Tùng
Viet Nam News

Shares rebounded on Tuesday thanks to the remarkable performance of seafood and textile sectors after the official launch of the CPTPP.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 0.87 per cent to close at 909.68 points.

The southern market index lost 0.10 per cent to close at 901.80 points on Monday.

The HNX Index on the Ha Noi Stock Exchange increased 0.99 per cent to close at 102.58 points.

It slumped 0.28 per cent to close at 101.58 points on Monday.

Market liquidity remained at a low level with around 153.3 million shares traded on the two local exchanges, worth VNĐ3.2 trillion (US$135 million).

Large-cap stocks performed well as the blue-chip VN30 Index climbed 0.66 per cent to 865.10 points.

In the VN30 basket, 20 of the 30 largest stocks by market capitalisation advanced while only six declined.

Banking, seafood processing, food and beverage, securities, real estate, mining, insurance and construction materials stocks gained ground in the morning session.

Those indices were up by between 0.2 per cent and 1.3 per cent, data on vietstock.vn showed.

Banking shares such as Techcombank (TCB), VPBank (VPB), Asia Commercial Bank (ACB), Bank for Investment and Development (BID), Vietinbank (CTG), Military Bank (MBB) and Vietcombank (VCB) rallied and were the motivation for the market’s recovery.

Oil and gas stocks also performed well with PetroVietnam Drilling & Well Services Corporation (PVD), PetroVietnam Technical Services Corporation (PVS) and Petrovietnam Transportation Corporation (PVT) soaring.

The 11-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) officially comes into force Monday, pushing up the textile and seafood stocks.

Textile stocks such as DamSan Joint Stock Company (ADS), Everpia JSC (EVE), Garment 10 Corporation - Joint Stock Company (M10), Thanh Cong Textile Garment Investment Trading Joint Stock Company (TCM), TNG Investment and Trading JSC (TNG), Viet Tien Garment Corporation (VGG), Vietnam National Textile & Garment Group (VGT), Saigon Garmex Manufacturing Trade Joint Stock Company (GMC) and Century Synthetic Fiber Corporation (STK), all soared.

GMC, STK, TCM hit the daily limit rise of 7 per cent. TNG increased 8.4 per cent . VGT increased 6.4 per cent.

Two seafood giants of Sao Ta Foods Joint Stock Company (FMC) and Minh Phu Seafood Corporation (MPC) surged by 4 per cent and 4.8 per cent, respectively.

Lately, foreign traders have remained net buyers, which strongly supported investors’ sentiment. Foreign investors today bought a net of VNĐ64.59 billion on the HOSE, focusing on dairy firm Vinamilk (VNM) (VNĐ38.17 billion), Vincom retail (VRE) (VNĐ35.73 billion) and Masan Group (MSN) (VNĐ22.29 billion). They also bought a net of VNĐ5.71 billion on the HNX.

“However, profit-taking supply may sharply rise in the next sessions when the market approaches strong resistances,” BIDV Securities Company (BSC) said in its daily report. 

According to the company, market sentiment is still in a cautious state and waiting for information from the results of the Brexit deal, economic support plans from the Chinese government and developments of the US market in the season of 2018 business results.

The UPCOM Index on the Unlisted Public Company Market (UPCoM) was down 0.05 per cent to finish at 53.11 points. — VNS

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