VN stocks recover as investors salute new economic policies

July 22, 2020 - 07:09

Large-caps recovered as the VN30-Index finished Tuesday up 0.17 per cent after slipping 0.36 per cent in the morning.

A view of Vinhomes Metropolis in Hà Nội, a residence-office-commercial centre compound developed by Coteccons Corporation (HoSE: CTD). The company shares rose 1.9 per cent on Tuesday. — Photo

HÀ NỘI — Vietnamese shares picked up on Tuesday afternoon as Việt Nam-focused investors cheered new decisions in Europe and Australia to support regional economies to fight the COVID-19 pandemic.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) inched up 0.03 per cent to end Tuesday at 861.69 points after having fallen as much as 0.52 per cent during the day.

The VN-Index recovered from a 1.22 per cent drop on Monday.

The market sentiment was lifted in the afternoon session after the European Union leaders reached a stimulus deal worth 750 billion euro to boost regional economies amid the ongoing pandemic.

In addition, Australia as one of the largest economies in Asia-Pacific will extend its stimulus spending until next year and its central bank will keep interest rates unchanged to support businesses.

Large-caps recovered as the VN30-Index finished Tuesday up 0.17 per cent after slipping 0.36 per cent in the morning.

The VN30 futures, which mature on August 20, rose 1.06 per cent to 805.00 points at the end of the day.

Other three VN30 futures that mature in September, December and March 2021 gained between 0.82 per cent and 1.15 per cent.

Half of the 30 largest stocks by market capitalisation and trading liquidity in the VN30 basket advanced while 10 declined.

Among large-cap gainers were construction firm Coteccons (CTD), tech group FPT (FPT), property developer Novaland (NVL), aviation firm Vietjet (VJC), Military Bank (MBB) and steel maker Hòa Phát (HPG).

Insurer Bảo Việt Holdings (BVH), SSI Securities (SSI), brewer Sabeco (SAB) and consumer staples group Masan (MSN) were among the large-cap decliners.

The HoSE on Monday announced CTD and BVH would be removed from the large-cap basket. The two stocks will be replaced with Khang Điền House Trading and Investment (KDH) and Hoàng Huy Investment Financial Services (TCH).

KDH edged up 0.8 per cent and TCH jumped 4.4 per cent on Tuesday.

KDH and TCH are currently listed in the mid-cap group. The mid-cap tracker VNMID-Index hobbled up 0.04 per cent on Tuesday.

“Investors are dubious and aware that the market is currently lacking supportive information,” Thành Công Securities Co (TCSC) said in its daily report.

The VN-Index would keep struggling between 875 and 885 points and stocks would be divided on the second-quarter earnings reports, the company forecast.

On the Hà Nội Stock Exchange (HNX), the minor HNX-Index was up 0.32 per cent to end Tuesday at 116.09 points.

The northern market index fell 0.93 per cent on Monday.

A total of more than 282.3 million shares were traded on the two exchanges, worth nearly VNĐ5 trillion (US$215.4 million).

Foreign investors net-sold total VNĐ319.2 billion on Tuesday, up from VNĐ238.5 billion worth of net-sell in the previous day. — VNS