VN-Index rebounds after profit-taking session

By Hung Le   December 11, 2020 | 02:37 am PT
VN-Index rebounds after profit-taking session
An investor looks at stock prices on a screen at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
The VN-Index soared 1.46 percent to 1,045 points Friday, with buying pressure on blue chips propping the market up after a single losing session.

Although investors had rushed to sell off stocks in the previous session, causing the benchmark index to fall 0.79 percent, buying pressure on the market’s largest caps seem to have revived demand, helping the VN-Index stay green for the whole trading day.

The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, was a sea of green with 313 stocks gaining and 124 losing, of which 12 hit their ceiling prices.

Total trading volume fell over 15 percent compared to the previous session, to VND10.56 trillion ($457.99 million), of which just under half went towards the VN30, a basket of the HoSE’s 30 largest caps.

The VN30-Index this session climbed 1.45 percent, with 24 of its tickers gaining and only three losing.

Topping gains this session was PNJ of jewelry retailer Phu Nhuan jewelry, up 6 percent. Some of the biggest gainers outside the banking sector, which often drive the VN30 in either direction, were SAB of major brewer Sabeco, up 3.3 percent, SSI of top brokerage Saigon Securities Inc., up 3.3 percent, and HPG of steelmaker Hoa Phat Group, with 3.2 percent.

Of Vietnam’s state-owned banks, its three biggest by assets, BID of BIDV, and CTG of VietinBank gained 4.2 percent and 2.2 percent respectively, while VCB of Vietcombank kept its opening price. MBB of mid-sized Militiary Bank was up 2.1 percent.

Private banks did slightly worse, with STB of Sacombank up 1.6 percent, TCB of Techcombank up 1.4 percent, VPB of VPB up 1.1 percent, HDB keeping its opening price, while EIB of Eximbank topped losses with 0.6 percent.

Oil and gas were some of the biggest gainers. POW of electricity generator PetroVietnam Power surged 3.1 percent, PLX of petroleum distributor Petrolimex rose 2.7 percent, and GAS of energy giant PetroVietnam Gas added 2 percent.

VIC of private conglomerate Vingroup, HoSE’s biggest cap, rose by 1.8 percent, while its two subsidiaries, VHM of real estate arm Vinhomes and VRE of retail arm Vincom Retail, were up 1.7 percent and 1.4 percent respectively.

In the opposite direction, the only other losing stocks were ROS of construction firm FLC Faros, down 0.5 percent, and KDH of real estate developer Khang Dien House, down 0.2 percent.

Similar to the main bourse, the Hanoi Stock Exchange (HNX), Vietnam’s second main bourse and home to small and mid-caps, saw its index soar 1.9 percent, but the UPCOM-Index for the Unlisted Public Companies Market edged up only 0.01 percent.

Foreign investors continued to be net buyers to the tune of VND672 billion on all three bourses, with buying pressure mostly on VCB of Vietcombank and VHM of Vinhomes.

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