Monday, May 25 2020

VietNamNews

Shares rise for fourth consecutive day

Update: May, 21/2020 - 20:37

 

Customers make transactions at a branch of Techcombank in Hà Nội. Shares of Techcombank (TCB) rose 4.5 per cent on Thursday. — Photo courtesy of Techcombank

HÀ NỘI — Vietnamese shares extended their gains for the fourth day in a row on Thursday on the back of a surge in banking stocks during the at-the-closing (ATC) session.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange gained 1.15 per cent to close the trading session at 862.73 points.

The benchmark VN-Index had risen 3.7 per cent in the last four days.

More than 331.9 million shares were traded on the southern exchange, worth VNĐ5.5 trillion (US$236.5 million).

Market breadth was neutral with 176 gainers and 172 decliners.

The large-cap tracker VN30-Index increased 1.52 per cent to close Thursday at 815.55 points.

In the VN30 basket, 24 of the 30 largest stocks by market capitalisation and trading liquidity increased. Two lost ground and four were unchanged.

Stocks in the VN-30 basket that enjoyed growth included conglomerate Vingroup (VIC), real estate developer Vinhomes (VHM) and dairy firm Sabeco (SAB).

A rally in bank shares lifted stock markets on Thursday with gainers including Techcombank, rising 4.5 per cent, Vietcombank, increasing 2 per cent, Vietinbank, up 2.9 per cent, Bank for Investment and Development of Việt Nam, climbing 1.4 per cent and Military Bank, rising 1.7 per cent.

Notably, Vietnam Commercial Joint Stock Export Import Bank and Ho Chi Minh Development Joint Stock Commercial Bank hit the daily gain limit of 7 per cent.

Foreign investors net sold VNĐ66.70 billion on HOSE, including Hòa Phát Group HPG, VNĐ77.73 billion, Dabaco Group (DBC), VNĐ27.94 billion and Vincom Retail (VRE), VNĐ27.30 billion.

They were net sellers on the HNX with a value of VNĐ3.33 billion.

“Despite following an uptrend in the short term, at market close today, the VN-Index has entered resistance 860-880 points, where correction pressure is expected in upcoming sessions,” said Lê Hoàng Phương, an expert at Bảo Việt Securities Joint Stock Company.

“Cashflow will move toward building material, infrastructure, industrial park real estate, technology, oil and gas, and sectors benefiting from EVFTA like textile and fishery,” Phương said.

“Stock exposure should be maintained at 35-45 per cent of the portfolio,” she said.

“Investors should continue to hold current positions and hold off on buying new stocks unless the index successfully penetrates through 860-880 points,” Phương said.

The HNX-Index on the Hà Nội Stock Exchange slumped 1.13 per cent to close Thursday at 105.74 points.

The northern market index had fallen 1.73 per cent to close Wednesday at 106.94 points.

More than 76.4 million shares were traded on the northern bourse, worth VNĐ854.4 billion. — VNS

 

 

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