​Liquidity surges in VN-Index’s strong gaining session

By Hung Le   January 10, 2020 | 02:41 am PT
​Liquidity surges in VN-Index’s strong gaining session
An investor is seen behind a stock market screen at a securities company in Hanoi. Photo by Reuters/Kham.
The VN-Index rose 8.39 points, or 0.87 percent, to 968.54 points Friday, with liquidity reaching its highest level in the past three weeks.

The Ho Chi Minh Stock Exchange (HoSE), on which the index is based, saw a fairly balanced session with 163 stocks gaining and 162 losing. Order-matched transactions surged to nearly VND3 trillion ($129.48 million) from VND2.3 trillion ($99.26 million) last session.

The VN30-Index for Vietnam’s 30 biggest market cap stocks closed up 0.88 percent, with 21 tickers gaining and six losing. Over half of the blue chips in green rose at least one percent this session.

All of Vietnam’s three biggest lenders by assets saw strong increases in their share prices. CTG of VietinBank was the biggest gainer on the VN30 with a 4.9 percent increase, followed by BID of BIDV with 3.3 percent, and VCB of Vietcombank with 0.9 percent.

Vietcombank in particular, had in the morning announced pre-tax profits of 22.72 trillion in 2019, up 26 percent year-on-year, two times that of BIDV and VietinBank in the same period.

Private banking stocks also saw no losers this session. STB of Sacombank gained 3.4 percent, followed by EIB of Eximbank, 3.2 percent, and VPB of VPBank, 1.4 percent.

VIC of Vietnam’s biggest private conglomerate Vingroup and VHM of its real estate subsidiary Vinhomes, the two biggest market cap stocks on HoSE, fell 0.1 percent and 1.4 percent, respectively.

Other major gainers this session included BVH of insurance giant Bao Viet and SAB of Vietnam’s biggest brewer Sabeco, both adding 2.9 percent.

ROS shares of real estate developer FLC Faros continued its streak of being the biggest losing stock on the VN30, falling 6.9 percent, the eighth time it had hit its floor price in the previous ten sessions. The stock has dropped nearly 43.4 percent since Christmas.

It was followed by DPM of state-owned Petrovietnam Fertilizer & Chemicals Corporation and CTD of construction giant Coteccons, which shed 1.9 percent and 1.3 percent respectively.

On HoSE foreign investors were net buyers to the tune of VND996.85 billion ($42.99 million), the biggest net buy this year, mainly because of a series of put-through transactions of PGD shares of state-owned gas distributor PetroVietnam Low Pressure Gas Distribution JSC worth VND948.8 billion ($40.92 million).

Meanwhile, the HNX-Index for stocks on Hanoi Stock Exchange, Vietnam’s second main bourse for small and mid-cap stocks, added 0.96 percent, while that of the UPCoM-Index for unlisted public companies rose 0.68 percent.

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