Blue chips nudge VN-Index upwards

By Hung Le   December 11, 2019 | 03:00 am PT
Blue chips nudge VN-Index upwards
An investor is seen behind a stock market screen at a securities company in Hanoi. Photo by Reuters/Kham.
Blue-chips led stock market gains Wednesday as the VN-Index rose 1.48 points or 0.15 percent to close at 961.78 points.

On the Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, 161 stocks gained and 152 stocks lost.

The VN30-Index, representing Vietnam’s 30 biggest market cap stocks, rose 59 percent with 18 stocks gaining and only 5 losing. Eight stocks rose at least one percent this session.

Most banking stocks rose this session save for CTG of VietinBank, one of Vietnam’s three biggest state-owned lenders by assets, which fell by one percent.

MBB shares of state-owned Military Bank led the gains, with a rise of 3.3 percent, followed by FPT shares of IT giant FPT and MWG of electronics retail giant Mobile World which both rose 1.8 percent.

Next were PNJ shares of Phu Nhuan Jewelry and NVL of real estate developer Novaland, which rose 1.6 and 1.4 percent respectively.

VCB of Vietcombank and BID of BIDV, two of Vietnam’s other biggest state-owned lenders, rose 0.6 and 0.5 percent respectively, while stocks of mid-sized private lenders such as HDB (HDBank) and VPB (VPBank) rose 1.1 and one percent.

MSN shares of food giant Masan Group were the highest losing stock again this session, but managed to slow its plunge to 1.6 percent from 6.45 percent in the previous session.

The stock had started its descent last Tuesday when Masan announced a merger deal with Vingroup, Vietnam’s biggest conglomerate, since losing a total 20.85 percent.

Foreign investors were net sellers to the tune of VND106 billion ($4.57 million), with pressure mostly on MSN shares of Masan Group, PVD of PetroVietnam Drilling & Well Services Corporation, the drilling arm of state oil and gas giant corporation PetroVietnam.

Meanwhile, the HNX-Index for stocks on the Hanoi Stock Exchange, Vietnam’s second main bourse for small and mid-cap stocks, added 0.33 percent, while the UPCoM-Index for Unlisted Public Companies nudged up 0.08 percent.

go to top