VN-Index breaks five session gaining streak

By Hung Le   December 8, 2020 | 04:39 am PT
VN-Index breaks five session gaining streak
An investor looks at stock prices on the screens at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
The VN-Index edged down 0.07 percent to 1,029.26 points Tuesday, after hitting a 30-month peak the previous session.

As predicted by several securities firms last week, the VN-Index saw its first corrective session after rising 26.9 points, or 2.61 percent in the past five gaining sessions.

The securities firms had said the index could turn around the 1,030 resistance threshold. The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, ended in the red despite 240 stocks rising against 203 falling.

Total trading volume remained on par with the previous session, at VND10.52 trillion ($455.17 million).

The VN30-Index for the market’s 30 largest caps did better than the general market, rising 0.16 percent, although 17 tickers lost against 11 that gained.

Results were mixed in the private banking sector, with STB of Sacombank, HDB of HDBank, and VPB of VPBank gaining 1.9 percent, 1.6 percent and 0.9 percent respectively, while EIB of Eximbank and TCB of Techcombank were down 0.9 percent and 0.2 percent, respectively.

Vietnam’s three largest state-owned banks by assets had a middling day with VCB of Veitcombank keeping its opening price, while CTG of VietinBank and BID of BIDV fell 0.6 percent and 0.7 percent, respectively.

Other major gainers this session included FPT of IT services giant FPT, up 0.9 percent, PNJ of jewelry retailer Phu Nhuan Jewelry, 0.8 percent, and HPG of steelmaker Hoa Phat Group, up 0.5 percent.

In the opposite direction, TCH of truck dealer Hoang Huy Group topped losses with 1.5 percent, followed by ROS of construction firm FLC Faros, down 0.9 percent, and REE of appliances maker Refrigeration Electrical Engineering, down 0.9 percent.

Oil and gas stocks were all in the red, with PLX of gasoline distributor Petrolimex down 1.2 percent, POW of electricity generator PetroVietnam Power down 0.9 percent, and GAS of energy giant PetroVietnam Gas down 0.2 percent.

Other major losers this session included VIC of private conglomerate Vingroup, HoSE’s largest cap, down 0.8 percent, VNM of dairy giant Vinamilk, down 0.7 percent, and MSN of food conglomerate Masan Group, down 0.6 percent.

Meanwhile, the Hanoi Stock Exchange (HNX), Vietnam’s second main bourse and home to small and mid-caps, saw its index rise 1.56 percent, and the UPCOM-Index for the Unlisted Public Companies Market added 0.35 percent.

Foreign investors turned net sellers to the tune of VND80 billion on all three bourses, with selling pressure mostly on shares outside the VN30 basket.

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