Tuesday, May 26 2020

VietNamNews

Stocks extend rallies on economic recovery hopes

Update: April, 18/2020 - 07:12

 

A plant run by Đức Giang Chemicals Group (HNX: DGC). The company shares jumped 4.3 per cent on Friday. — Photo ducgiangchem.vn

HÀ NỘI — The Vietnamese stock market continued its revival on Friday as liquidity received huge support from market confidence along with positive trading of global markets.

Việt Nam’s benchmark VN-Index on the Hồ Chí Minh Stock Exchange added 1.14 per cent to end this week at 789.60 points.

The index gained on all five trading days this week, advancing a total of 4.18 per cent. Since its three-year low of 659.21 points on March 24, the VN-Index has soared nearly 20 per cent.

The HNX-Index on the Hà Nội Stock Exchange rose 1.58 per cent to close Friday at 110.46 points, a three-day increase of nearly 3.1 per cent.

The northern market index this week rose a total of 4.03 per cent from the previous one.

More than 363.4 million shares were traded on the two exchanges, worth VNĐ5.93 trillion (US$253.5 million).

Of the total, 319.7 million shares were handed over in matched orders, worth VNĐ4.74 trillion.

The local market stayed in touch with global stocks on hopes for the re-opening of major economies and the introduction of a new drug for the coronavirus, MB Securities Co (MBS) said in its daily report.

“Trading liquidity reached the one-month high and positive market sentiment lifted not only large-cap stocks but also mid-caps and small-caps,” the brokerage said.

“That should be a good signal as the stock market has rallied in the couple of days but investors are still hungry and cash inflow has not peaked yet,” MBS said.

Retail, information and technology, mining and energy, banking, logistics and transport were among sectors that improved a lot on Friday, according to vietstock.vn.

Leading companies in those sectors advanced, lifting the large-cap, mid-cap and small-cap trackers on the two exchanges up between 1.2 per cent and 2.1 per cent.

The strongest gainers included digital retailer Mobile World Investment (MWG), brewer Sabeco (SAB), Military Bank (MBB), tech group FPT (FPT), PetroVietnam Coating Corp (PVB), and Đức Giang Chemicals Group (DGC).

“Investors are counting on the possibility of the market’s strong recovery,” Thành Công Securities Co (TCSC) said in its daily report.

But the recent four-week rallies meant potential profit-taking may occur soon while foreign investors still net-sold local shares, putting pressure on the market, TCSC warned.

Foreign investors offloaded a net value of more than VNĐ421 billion. — VNS

 

 

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