Thursday, July 16 2020

VietNamNews

Shares rise for third day in a row

Update: June, 06/2020 - 07:31

 

Steel wire products ready to be shipped abroad at the Hòa Phát Dung Quất iron and steel production complex in the central province of Quảng Ngãi. Shares of Hòa Phát Group (HPG) rose 1.7 per cent on Friday to close at VNĐ27,050. — VNA/VNS Photo Đức Dũng

HÀ NỘI —  Markets gained for a third consecutive session on Friday thanks to strong buying in heavyweight stocks.

The VN-Index at the Hồ Chí Minh Stock exchange climbed 0.26 per cent to close at 886.22 points.

Nearly 500 million shares were traded for VNĐ6.4 trillion (US$278 million).

The VN30-Index, which tracks the 30 largest stocks by market capitalisation, was up 0.33 per cent to close at 826.47 points, with 12 of the stocks gaining and 11 losing and the rest remaining unchanged.

Notable gainers included tech company FPT Corporation (FPT), steel maker Hòa Phát Group (HPG), Vinamilk (VNM), Vincom Retail (VRE), property developer Novaland (NVL), electronics retailer Mobile World Group (MWG), VPBank (VPB), and the Bank for Investment and Development of Việt Nam (BID).

The losers included Bảo Việt Holdings (BVH), Vietinbank (CTG), PetroVietnam Gas JSC (GAS), Military Bank (MBB), consumer giant Masan Group (MSN), National Petroleum Group (PLX), and conglomerate Vingroup (VIC).

Fourteen out of 25 sectors gained, including mining, seafood, retail, securities, logistics, information and technology and agriculture.

Healthcare, insurance, construction, real estate, banking, food and beverages and construction were among the losers.

The HNX-Index at the Hà Nội Stock Exchange rose by 0.56 per cent to close the week at 118.08 points.

More than 69.8 million shares worth VNĐ764 billion were traded.

Foreign investors net sold VNĐ150.32 billion on HOSE. They were also net sellers in Hà Nội to the tune of VNĐ48.33 billion.

Bảo Việt Securities Co said the market was likely to start next week with gains before possibly correcting towards the end of the week.

“The VN-Index is approaching resistance at 888-893 points. Please note that the market will possibly experience volatility and correction as various stocks have entered the overbought zone.

“There will be wide divergence between sectors. Cash will possibly flow more into small- and medium-cap stocks.

“Large-cap stocks are not expected to break through amid the upcoming ETF review.” — VNS

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