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VN stocks give up gains, air-transport sector buffed by vaccine development

Update: November, 11/2020 - 06:23

 

Passengers complete immigration procedures at Nội Bài International Airport, run by the Airports Corporation of Việt Nam (ACV). ACV shares jumped 4.6 per cent on Tuesday. — VNA/VNS Photo Huy Hùng

HÀ NỘI — Aviation stocks were the stand out on Tuesday following news of the development of a coronavirus vaccine.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange closed Monday almost flat at 951.90 points.

The index had risen 1.20 per cent during the day to surpass the 960 point level.

The VN-Index logged its highest daily increase in three months on Monday, rising 1.46 per cent to touch 951.99 points.

Tuesday’s fall also ended the index’s two-day rise of 1.52 per cent.

Early growth was erased as profit taking increased and brought down some large-cap stocks, MB Securities Co (MBS) said in its daily report.

The large-cap tracker VN30-Index was down 0.10 per cent at 916.50 points and VN30 futures due on November 19 fell 0.22 per cent to 921.00 points.

Sixteen of the 30 largest stocks by market value and trading liquidity in the VN30 basket declined, while 11 advanced.

The worst-performing large-cap stocks included Phú Nhuận Jewellery JSC (PNJ), dairy producer Vinamilk (VNM), Vietinbank (CTG), brewer Sabeco (SAB), Military Bank (MBB) and property firm Vinhomes (VHM).

Mid-cap and small-cap stocks also declined, pulling the two sector indices down 0.04 per cent and 0.11 per cent.

On the other side, Vincom Retail (VRE), PetroVietnam Gas (GAS), SSI Securities (SSI), property firm Novaland (NVL), and fuel firm Petrolimex (PLX) ended in positive territory to support the market.

Aviation-related stocks on Tuesday stood out as confidence was lifted on the latest update on the development of a coronavirus vaccine.

Vietnam Airlines (HVN) and Vietjet (VJC) soared 5.8 per cent and 7.0 per cent, respectively.

Airports Corporation of Việt Nam shares (ACV) jumped 4.6 per cent.

In addition, insurer Bảo Việt Holdings (BVH) advanced 1.1 per cent after releasing its third-quarter earnings report.

 “Profit taking mounted when the VN-Index beat the 960 point level as investors believed that was a good point for them to realise their profits," MBS said.

“Investors may turn cautious in the next trading day” and the “VN-Index may struggle between 946 and 960 points,” the company added.

On the Hà Nội Stock Exchange, the HNX-Index lost 0.17 per cent to close at 141.37 points.

The northern market index retreated from two-day growth of 2.39 per cent.

More than 536.6 million shares were traded on the two exchanges, worth nearly VNĐ10.6 trillion (US$460 million). — VNS

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