VN-Index pulls back after small losing session

By Hung Le   June 3, 2020 | 07:25 pm GMT+7
VN-Index pulls back after small losing session
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 rose 0.73 percent to 881.17 points Wednesday, with banking stocks some of the biggest gainers in the session.

Green returned to ascendancy in the market after the VN-Index experienced a losing session on Tuesday, dropping 0.44 percent, breaking a three-session gaining streak that had gained it 2.47 percent.

Analysts had forecast that the market would likely see a lot of fluctuations this week with investors trying to cash in on short-term gains as the index tries to breach the psychological thresholds of 870-880 points.

The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, saw 203 stocks gaining and 157 losing in Wednesday’s session. Total transaction volume dropped over 10 percent compared to the previous session to VND5.4 trillion ($233.13 million), but remained above average levels of previous months.

The VN30-Index for the market’s 30 largest caps added 0.68 percent, with 23 stocks gaining and five losing.

Leading gains this session was HDB of private HDBank, rising 6.9 percent to its ceiling price. It was followed by CTG of VietinBank, one of Vietnam’s three biggest state-owned lenders by assets, which added 2.3 percent, and GAS of energy giant PetroVietnam Gas, up 2.1 percent.

Of the two other major state-owned lenders, VCB of Vietcombank gained 1.5 percent, while BID of BIDV added 1.1 percent. MBB of mid-sized state-owned Military Bank also rose 0.8 percent this session.

Other major gainers included VRE of mall operator Vincom Retail, up 1.8 percent, FPT of IT services giant FPT, up 1.4 percent, STB of private Sacombank, up 1.4 percent, and POW of electricity generator PetroVietnam Power, up 1 percent.

All private banking blue chips closed in the green this session, with the lesser gainers being TCB of Techcombank, up 0.9 percent, VPB of VPBank with 0.8 percent, and EIB of Eximbank with 0.3 percent.

The real estate and construction sectors were a mixed bag this session, with CTD of construction giant Coteccons and ROS of real estate developer FLC Faros leading losses with 6.4 percent and 5.6 percent respectively, while VHM of real estate developer Vinhomes and NVL of real estate developer Novaland edged up 0.1 percent and 0.2 percent respectively.

VIC of private conglomerate Vingroup, the largest capped stock on HoSE, added 0.1 percent this session. Vingroup is the parent company of both Vinhomes and Vincom Retail.

The remaining tickers in the red were SAB of major brewer Sabeco, down 1.6 percent, VJC of budget carrier VietJet Air, down 0.8 percent, and HPG of leading steelmaker Hoa Phat Group, down 0.4 percent.

Meanwhile, the HNX-Index for stocks on Hanoi Stock Exchange surged 2.51 percent, while the UPCoM-Index for stocks on Unlisted Public Companies Market went up 0.63 percent.

Foreign investors turned net sellers on all three bourses to the tune of VND64 billion ($2.76 million), with selling pressure mostly on BVH of insurance giant Bao Viet Group, which kept its opening price, and the E1VFVN30, an exchange-traded-fund which imitates the composition, and in turn the performance of the VN30.

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