VN-Index gains for fourth straight session

By Hung Le    January 17, 2020 | 05:06 am PT
VN-Index gains for fourth straight session
An investor looks at price boards at a securities company in HCMC. Photo by VnExpress/Huu Khoa.
The VN-Index rose 4.65 points, or 0.48 percent, to 978.96 points on Friday, its fourth consecutive gaining session.

148 stocks gained while 162 lost on the Ho Chi Minh Stock Exchange (HoSE), on which the benchmark VN-Index is based.

Order-matched transactions amounted to VND2.3 trillion ($99.04 million), a relatively quiet session compared to last month’s average trading of VND2.8 trillion ($120.83 million) worth of shares per session.

The VN30-Index for Vietnam’s 30 biggest market caps added 0.32 percent, with 15 gaining and 12 losing, but most losing stocks shed below 0.5 percent this session.

CTD of construction giant Coteccons led gains with 6.9 percent, its price ceiling, pulling sharply out of a losing streak that had lost over 20 percent in the past 30 days. Coteccons had been reporting declining profits for the past four consecutive quarters, citing rising competition and costs of construction materials.

It was followed by VCB of Vietcombank, one of Vietnam’s three biggest state-owned lenders by assets, which surged 5.6 percent, and STB of Sacombank, a private lender, up 1.9 percent.

Of the other two major state-owned banks, CTG of VietinBank added 0.2 percent, while BID of BIDV fell 0.9 percent.

Other gainers this session included VJC of budget carrier VietJet Air, which gained 1.5 percent, EIB of private Eximbank, 1.4 percent, and GMD of sea freight and port services firm Gemadept, 0.9 percent.

In the other direction, ROS shares of real estate developer FLC Faros was again the biggest losing stock on HoSE, falling 4.8 percent. The stock has been on a nosedive, having hit its floor price in 12 out of the last 16 trading sessions, losing a total 56.6 percent in the period.

It was followed by MSN of food conglomerate Masan Group, which shed 2.1 percent, and HPG of leading steelmaker Hoa Phat Group, down 1.2 percent.

The two largest market cap stocks on VN30, VIC of Vietnam’s biggest private conglomerate Vingroup, and VHM of Vinhomes, also a subsidiary of the group, both fell 0.1 percent this session.

Meanwhile, the HNX-Index for stocks on Hanoi Stock Exchange, Vietnam’s second main bourse for small and midcap stocks, lost 0.42 percent, while the UPCoM-Index for unlisted public companies edged down 0.07 percent.

Foreign investors were net buyers on all three bourses to the tune of VND35.7 billion ($1.54 million). Buying pressure was mostly focused on VCB of Vietcombank and VNM of Vietnam’s biggest dairy firm Vinamilk.

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