Wednesday, February 19 2020

VietNamNews

Shares end 2020's first trading day on positive note

Update: January, 02/2020 - 21:40

Shares of Sài Gòn-Hà Nội Bank (SHB) grew 3 per cent on Thursday, the biggest gainer in the banking sector. -- Photo doanhnghiepvn.vn

HÀ NỘI — Trade improved in the afternoon session and concluded the first session of 2020 on a positive note on the two national stock exchanges.

On the Hồ Chí Minh Stock Exchange, the VN-Index gained 0.59 per cent to close Thursday at 966.67 points

On the Hà Nội Stock Exchange, the HNX-Index moved from the red zone in the morning to the black in the afternoon, ending Thursday up 0.46 per cent at 102.99 points.

Gains spread from bank stocks to other sectors in the second half of the session.

Eleven of the 13 listed lenders on the two stock exchanges increased, of which eight rose by more than 1 per cent. Sài Gòn-Hà Nội Bank (SHB), Vietinbank (CTG) and Vietnam Prosperity Bank (VPBank) were the biggest gainers, growing between 2.8-3 per cent.

Blue chips in other sectors also rose and supported the market. They were Vincom Retail (VRE), Vinamilk (VNM), PV Gas (GAS), insurer Bảo Việt Holdings (BVH), Vietjet (VJC), Masan Group (MSN), Mobile World Investment (MWG), steelmaker Hòa Phát Group (HPG) and Phú Nhuận Jewellery (PNJ) with growth of between 0.5 per cent and 2.6 per cent.

At the other end of the spectrum, some large caps declined and weighed on the market. The losers included brewer Sabeco (SAB), property developer Novaland Investment (NVL), logistics firm Gemadept (GMD) and FLC Faros Construction (ROS), of which the latter dropped by nearly 7 per cent, the maximum loss in a trading day on the Hồ Chí Minh Stock Exchange.

This was also the fifth straight day that ROS hit the bottom since December 26.

Liquidity increased over the last trading day of 2019, but remained low and net selling pressure from the foreign sector were the two negative points of the session.

Nearly 225 million shares, worth VNĐ5.2 trillion (US$224.5 million), were traded on the two markets, almost unchanged by volume and up 13 per cent in value compared to Tuesday’s figures.

Foreign investors were net sellers for a combined value of VNĐ31 billion on the two bourses.

“In general, positive macroeconomic news such as GDP growth, FDI inflow, inflation, and stable fiscal indicators have supported the expectation that the market will have a better year this year,” analysts at BIDV Securities Co wrote in the daily report on Thursday.

The VN-Index increased 7.7 per cent last year, while the HNX-Index concluded last year almost unchanged against 2018.

Trần Xuân Bách, a stock analyst at Bảo Việt Securities Co, said the market would possibly experience volatility and correction pressure at the resistance zone of 968-972 points, but he believed the market would soon receive support from foreign cash flow during early sessions of the year. — VNS

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