Friday, August 7 2020

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Shares recover on the rise of large-caps, surge of world stocks

Update: July, 16/2020 - 07:28

 

A customer consults a salesman at a store of Mobile World Group (MWG) in Hà Nội. MWG rose 2.5 per cent on Wednesday. — Photo thegioididong.vn

HÀ NỘI — Vietnamese equity markets rebounded on Wednesday, buoyed by a surge in global markets and capital injected in heavyweight stocks.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HOSE) rose 0.21 per cent to close at 869.91 points.

The southern index had lost 0.07 per cent to close Tuesday at 868.11 points.

Nearly 258.3 million shares traded on the southern market, worth VNĐ4.5 trillion (US$195.1 million).

Market breadth was positive with 223 gainers and 156 decliners.

The VN30 Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, increased 0.59 per cent to close Wednesday at 810.16 points.

Pillar stocks reported strong gains such as Bank for Investment and Development of Việt Nam (BID), insurer Bảo Việt Holdings (BVH), Vietinbank (CTG), FPT Corporation (FPT), HDBank (HDB), steelmaker Hoà Phát Group (HPG), Military Bank (MBB), Mobile World Group (MWG), Novaland (NVL), Techcombank (TCB), Vietcombank (VCB), Vinhomes (VHM), VPBank (VPB), Vinamilk (VNM) and Vincom Retail (VRE).

Real estate and construction attracted large cash flow with gainers including Coteccons Construction (CTD), Hòa Bình Construction and Real Estate Corporation (HBC), Hà Đô Group Joint Stock Company (HDG), Khang Điền House Trading and Investment (KDH) and Phát Đạt Real Estate Development Corporation (PDR).

The industrial real estate group also performed well, with notable names like Nam Tân Uyên JSC (NTC), Sonadezi Long Thành Holding Company (SZL) and Sonadezi Châu Đức (SZC) rising.

The stock market was also driven by strong gains in global markets in Wednesday's overnight trading.

The US stock market outperformed on Tuesday night with the Dow Jones Industrial Average surging 2.13 per cent to end at 26,642.59 points, while the S&P 500 gaining 1.34 per cent to 3,197.52. The Nasdaq Composite added 0.94 per cent to 10,488.58.

On the Hà Nội Stock Exchange (HNX), the HNX-Index was down 0.2 per cent to end Wednesday at 115.91 points.

Nearly 33.5 million shares were traded on the northern market, worth VNĐ362 billion.

Foreign investors net sold VNĐ110.35 billion on HOSE. They were net sellers on the HNX with a value of VNĐ3.74 billion.

According to BIDV Securities, with the July 2020 futures contract expiring on Thursday and OPEC closing their meeting Wednesday, the market is likely to experience strong fluctuations in the last two sessions of the week. — VNS

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