VN-Index bounces back after six straight losing sessions

By Hung Le   July 1, 2020 | 02:00 am PT
VN-Index bounces back after six straight losing sessions
An investor looks at stock prices on a laptop at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
The VN-Index surged 2.23 percent, or 18.38 points, to 843.49 points Wednesday, with the vast majority of tickers on stock markets in the green.

An overwhelming 306 stocks rose while 81 fell on the Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based.

Investors remained cautious after the HoSE’s six consecutive losing sessions, which had cost the VN-Index 46.17 points, or 5.3 percent, with total trading volume reaching VND4.66 trillion ($201 million), down nearly 10 percent over the previous session.

The VN30-Index for the stock market’s 30 largest caps rose 2.11 percent, with 26 tickers gaining and 3 losing.

CTD of construction giant Coteccons led gains this session, surging 6.9 percent, its ceiling price, followed by VRE of mall operator Vincom Retail, up 6.7 percent, VPB of private VPBank, up 5.6 percent, and STB of private Sacombank, with 4.2 percent.

Of Vietnam’s three biggest state-owned lenders by assets, CTG of VietinBank rose 3.5 percent, BID of BIDV 3.4 percent, and VCB of Vietcombank 3 percent. As some of the VN30’s biggest caps, they altogether contributed 4.85 points to the VN-Index, according to data from brokerage VNDIRECT.

Oil and gas stocks were all in the green this session, with GAS of energy giant PetroVietnam gas adding 2.9 percent, PLX of petroleum distributor Petrolimex 1.3 percent, and POW of electricity generator PetroVietnam Power 1 percent.

Some of the VN30’s other biggest gainers this session were SAB of major brewer Sabeco, up 3.8 percent, SBT of agricultural firm TTC-Sugar, up 3.7 percent, SSI of brokerage Saigon Securities Inc., up 3.4 percent, and MSN of food conglomerate Masan Group, with 2.6 percent.

VIC of private conglomerate Vingroup, the stock market’s biggest cap, surged 2.1 percent this session, while VHM of its real estate arm VHM added 1.9 percent.

In the opposite direction, HDB of private HDBank topped losses with 1 percent, while NVL of real estate developer Novaland and EIB of private Eximbank both fell 0.3 percent.

Meanwhile, the HNX-Index for stocks on the Hanoi Stock Exchange, Vietnam’s second main bourse for small and midcap stocks, rose 1.76 percent, and the UPCoM-Index for unlisted public companies gained 0.95 percent.

Foreign investors turned net buyers on all three bourses to the tune of nearly VND100 billion ($4.32 million). Selling pressure was focused on PLX of Petrolimex and VNM of dairy giant Vinamilk, which gained 1.8 percent this session.

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