Thursday, July 9 2020

VietNamNews

Shares move up for third day in a row

Update: December, 23/2019 - 19:24

 

 

Customers perform transactions at a BIDV branch. BIDV recorded its all-time peak of VNĐ44,750 per share on Monday. — Photo bidv.com.vn

HÀ NỘI — The VN-Index gradually approached 960 points on Monday, marking a third straight day of gains.

The benchmark index on the Hồ Chí Minh Stock Exchange (HOSE) gained 0.32 per cent to close at 959.43 points.

Liquidity remained moderate, showing that cash flow is gradually returning. More than 241.5 million shares were traded on the southern bourse, worth VNĐ4.7 trillion (US$201 million).

The benchmark lost 1 per cent overall last week.

The VN30-Index edged down 0.02 per cent to end at 868.20 points.

In the VN30 basket, 17 of the 30 largest stocks by market capitalisation and trading liquidity advanced while twelve declined.

Across the southern exchange, there were 141 gainers and 162 decliners.

Bank for Investment and Development of Việt Nam (BID) and Vietcombank (VCB) were the two strongest on the market, helping maintain the rally. BID recorded an all-time peak of VNĐ44,750 with 2.4 million shares matched. VCB increased by 2.9 per cent to VNĐ90,900 with more than 900,000 shares matched.

Other banking stocks including Techcombank (TCB), Sài Gòn Thương Tín Commercial Joint Stock Bank (STB), Military Bank (MBB), HDBank (HDB) and Vietinbank (CTG) also followed in a positive direction.

However, selling pressure forced stocks including Masan Group (MSN), Hoa Sen Group (HSG), Vinamilk (VNM) and Việt Nam National Petroleum Group (PLX) down.

According to BIDV Securities Co (BSC), the VN-Index's rise was partly affected by information from the Ministry of Finance that China had announced it would reduce taxes on many goods starting from January 1.

“Although this tax reduction is not directly related to negotiations to resolve the trade war with the US, this may be a sign that China will have a more relaxed attitude to trade issues with the US,” BSC said in its report.

Investors also looked for opportunities in small-cap shares, such as F.I.T Group Joint Stock Company (FIT) (+6.9 per cent), Hoàng Huy Investment Financial Services JSC (TCH) (+6.9 per cent), Đông Á Hotel Group JSC (DAH) (+6.8 per cent), HCD Investment Producing and Trading Joint Stock Company (HCD) (+6.9 per cent) and Techno-Agricultural Supplying Joint Stock Company (TSC) (+6.7 per cent).

On the Hà Nội Stock Exchange, the HNX-Index slid 0.07 per cent to end Monday at 102.35 points.

More than 42 million shares were traded on the northern market, worth VNĐ475 billion.

The market enjoyed a good session with foreign investors returning as net buyers on the HOSE. They bought net value of VNĐ45.61 billion in shares including VCB (VNĐ33.39 billion), BID (VNĐ33.00 billion) and Hòa Phát Group (HPG) (VNĐ17.86 billion). They were net sellers on the HNX with a value of VNĐ3.68 billion. — VNS

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