Saturday, February 29 2020

VietNamNews

VN stocks rebound on bottom-fishing

Update: February, 12/2020 - 07:12

 

 

A Bank for Investment and Development of Việt Nam office. BID rose 3.5 per cent on Tuesday. Photo bidv.com.vn

 

HÀ NỘI — Shares rebounded on Tuesday after stocks dropped due to the coronavirus, prompting investors to buy in low.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange rose 0.42 per cent to close at 934.67 points.

The VN-Index dropped 1.07 per cent on Monday.

More than 197.3 million shares were traded on the southern bourse, worth VNĐ3.2 trillion (US$137.2 million).

The market breadth was positive as gaining stocks outnumbered decliners by 198 to 135.

The stock market has witnessed negative movements since the Lunar New Year holiday as the outbreak dampened investor sentiment. However, recent sharp falls have also enticed investors to go fishing for stocks that had been hit hard.

Retail, wholesale, securities, information and technology, oil and gas, banking and rubber production were the major driving forces.

The sector indices grew between 0.15 per cent and 1.66 per cent, according to vietstock.vn.

Among top gainers were Bank for Investment and Development of Việt Nam (BID) (+3.5 per cent), Vietinbank (CTG) (+4.3 per cent), VPBank (VPB) (+3.3 per cent), Việt Nam National Petroleum Group (PLX) (+2.3 per cent), Vietcombank (VCB) (+0.3 per cent), Techcombank (TCB) (+1.4 per cent), Vincom Retail (VRE) (+1 per cent), Military Bank (MBB) (+1 per cent) and Mobile World Group (MWG) (+0.7 per cent).

On the negative side were dairy firm Vinamilk (VNM) (-1.7 per cent), PetroVietnam Gas JSC (GAS) (-1.4 per cent), steelmaker Hòa Phát Group (HPG) (-3.1 per cent), Vingroup (VIC) (-0.3 per cent), brewery Sabeco (SAB) (-0.5 per cent) and HDBank (HDB) (-1.7 per cent).

A series of pharmaceutical and medical stocks were hit by selling pressure as investors looked to earn profits from recent rallies, including the Japan-Vietnam Medical Instrument JSC (JVC) (-2.2 per cent),  American Vietnamese Biotech INC (AMV) (-3.2 per cent), Vietnam Pharmaceutical Corporation – JSC (DVN) (-4.5 per cent), DHG Pharmaceutical Joint Stock Company (DHG) (-2 per cent), Binhdinh Pharmaceutical and Medical Equipment JSC (DBD) (-0.7 per cent) and Hà Tây Pharmaceutical Joint Stock Company (DHT) (-1.4 per cent).

Large-cap stocks also boosted the VN30-Index 0.41 per cent to 856.39 points and spread positive impacts out across the bourse.

On the Hà Nội Stock Exchange, the HNX-Index edged up 0.77 per cent to end Tuesday at 104.78 points.

More than 28.1 million shares were traded on the northern bourse, worth VNĐ306 billion.

According to Bảo Việt Securities Co (BVSC), the VN-Index was forecast to reach the resistance zone 937-943 points during the next session.

“If successfully penetrating through this resistance zone, the index will possibly reach 960-965 points in the short term. However, the nCoV pandemic remains complicated with no signs of control, therefore, investors should watch out for its negative impacts on the stock market.”

“Accordingly, we are leaning toward the possibility that the market will oscillate in the trading range between support zone 920-922 and resistance zone 937-943 points,” BVSC said. — VNS

 

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