Thursday, May 28 2020

VietNamNews

Shares advance but late selling dampens uptrend

Update: May, 06/2020 - 06:55

 

 A Vinamilk (VNM) farm in Đơn Dương District, Lâm Đồng Province. VNM gained 3 per cent on Tuesday. — VNA/VNS Photo Vũ Sinh

HÀ NỘI — Shares rose on Tuesday thanks to a global market rally, but gains narrowed towards the end of trading as selling pressure increased.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange climbed 0.22 per cent to close Tuesday at 764.16 points.

The VN-Index lost 0.86 per cent on Monday.

Nearly 212.4 million shares were traded on the southern exchange for VNĐ3.4 trillion (US$143.9 million).

The market breadth was positive as gainers outnumbered decliners by 182 to 159.

Asian stocks advanced on Tuesday, following Wall Street’s late rally as governments loosened coronavirus lockdowns while oil prices climbed on expectations that fuel demand would begin to increase.

US stock futures rose 0.75 per cent.

Brent crude rose 4 per cent to $28.30 a barrel, up for a sixth straight day, and US crude rose 6.03 per cent to $21.60 a barrel.

Pillar stocks witnessed significant differentiation on Tuesday, with gainers including dairy firm Vinamilk (VNM) (+3 per cent), PetroVietnam Gas JSC (GAS) (+2.7 per cent), Vingroup (VIC) (+1 per cent), steel maker Hòa Phát Group (HPG) (+1.9 per cent), VPBank (VPB) (+1.5 per cent), Vincom Retail (VRE) (+0.4 per cent), insurer Bảo Việt Holdings (BVH) (+2 per cent), Việt Nam National Petroleum Group (PLX) (+0.7 per cent), and FPT Corporation (FPT) (+0.8 per cent).

Some blue-chips suffered from selling pressure including Vinhomes (VHM) (-2 per cent), Vietcombank (VCB) (-0.9 per cent), Sabeco (SAB) (-2.1 per cent), budget carrier Vietjet (VJC) (-2.4 per cent), Masan Group (MSN) (-1.6 per cent), Vietinbank (CTG) (-1 per cent), PVPower (POW) (-1.6 per cent), Military Bank (MBB) (-0.3 per cent) and Mobile World Group (MWG) (-0.1 per cent).

Retail, healthcare, oil and gas, insurance, real estate, agriculture, food and beverage, construction, securities, information and technology were among the gainers.

The sector indices gained between 0.09 per cent and 2.42 per cent, according to vietstock.vn.

Meanwhile, wholesale, banking, rubber production, logistics and seafood processing lost ground.

The VN30-Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, increased 0.23 per cent to close at 711.01 points.

On the Hà Nội Stock Exchange, the HNX-Index dropped 0.29 per cent to end Tuesday at 105.41 points.

More than 29.2 million shares were traded on the northern bourse for VNĐ278.2 billion.

According to Bảo Việt Securities Co (BVSC), the VN-Index was forecast to fluctuate in a narrow range with a wide divergence among stock sectors in upcoming sessions.

“The market remains sideways between 755-760 points and 780-783 points. Its movement will be strongly affected by the outcome of Q1 profit results and the 2020 business plans of listed companies,” BVSC said.

“The market will still encounter risks due to foreign investors net selling pressure and the slowdown in domestic cash inflow due to fewer investment opportunities,” the company said. — VNS

 

 

 

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