VN-Index inches upwards in cautious session

By Hung Le   November 29, 2019 | 04:47 am PT
VN-Index inches upwards in cautious session
An investor is seen behind a stock market screen at a securities company in Hanoi. Photo by Reuters/Kham.
The VN-Index rose 0.36 points, or 0.04 percent, to close at 970.75 points Friday session, which registered the lowest liquidity of this month.

170 stocks gained and 139 stocks lost on the Ho Chi Minh City Exchange (HoSE), on which the VN-Index is based.

The total value of order-matched transactions on Friday was just VND2.77 trillion ($119.35 million), far below the VND3.5 trillion ($150.8 million) average for November, and the lowest liquidity session since September 24.

The VN30-Index, which represents Vietnam’s 30 biggest market cap stocks, gained 0.2 percent, with 14 stocks gaining, eight losing and eight remaining at opening price. No stock gained above 1 percent.

The biggest gainer on the market was VRE of retail corporation Vincom Retail, a subsidiary of Vietnam’s biggest conglomerate Vingroup. While VHM shares of sister real estate corporation Vinhomes also rose 0.3 percent, VIC shares of parent company Vingroup remained at its opening price.

The next biggest gainers were MSN of food conglomerate Masan Group, which rose 0.5 percent, followed by FPT of IT giant FPT, which added 0.4 percent, and HDB of mid-sized private lender HDBank, up 0.35 percent.

SAB shares of Vietnam’s biggest brewer Sabeco lost 4 percent, by far the biggest fall on the VN30. It was followed by VNM of dairy giant Vinamilk, and ROS of FLC Faros Construction JSC, which shed 0.6 and 0.55 percent respectively.

The HNX-Index for shares on the Hanoi Stock Exchange, Vietnam’s second main bourse, rose 0.16 percent, and the UPCoM-Index for the Unlisted Public Companies Market fell 0.08 percent.

Meanwhile, stocks in Asia slumped Friday as investors continued to wait for developments on the U.S.-China trade front following the signing of bills by U.S. President Donald Trump in support of Hong Kong protesters on Wednesday.

"Markets are on a sort of ‘wait and hold’ in terms of that phase-one trade deal," David Riley, chief investment strategist at BlueBay Asset Management, told Bloomberg TV.

Hong Kong’s Hang Seng Index led losses with a drop of 2.03 percent. In mainland China, the Shanghai Composite and the Shenzhen Composite declined 0.61 percent and 0.3 percent respectively.

Japan’s Nikkei 225 slipped 0.49 percent, and South Korea’s Kospi fell 1.45 percent. 

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