VN-Index rises for fourth straight session

By Hung Le   July 8, 2020 | 02:35 am PT
VN-Index rises for fourth straight session
An investor looks at stock prices on a smartphone at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
The VN-Index edged up 0.13 percent to 864.50 points Wednesday, with gains mainly driven by non-blue chip stocks.

Despite the small gain this session, the Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, more stocks lose at 196, while 156 gained.

Total trading volume plunged 30 percent over the previous session, to VND4.3 trillion ($185.42 million), staying far below last month’s daily average of VND6.67 trillion ($287.62 million).

Of total trading this session, only VND1.96 trillion ($84.52 million), or 46 percent, was attributed to stocks on the VN30, a basket of the market’s 30 biggest capped stocks. Typically, the VN30 accounts for over half the total liquidity each session.

SAB of the country’s largest brewer Sabeco topped gains this session, surging 4.3 percent. SAB has been rising for six consecutive sessions gaining a total of 23 percent, since July 1 when the government published plans to sell off its 36 percent stake in the brewer this year.

It was followed by SSI of top brokerage Saigon Securities Inc., up 1 percent, and CTG of VietinBank, one of Vietnam’s three biggest state-owned lenders by assets, up 0.9 percent.

The other two, VCB of Vietcombank and BID of BIDV, shed 0.5 percent and 0.1 percent this session.

Most mid-sized banks were positive performers this session. VPB of VPBank, STB of Sacombank and HDB of HDBank, all private lenders, respectively added 0.9 percent, 0.4 percent and 0.2 percent, while MBB of state-owned Military Bank gained 0.3 percent.

Other gainers included GAS of energy giant PetroVietnam Gas and SBT of agricultural firm TTC-Sugar, both up 0.7 percent, and CTD of construction giant Coteccons, which rose 0.5 percent.

In the opposite direction, HPG of leading steelmaker Hoa Phat Group topped losses with 1.1 percent, followed by two tickers of private lenders, namely EIB of Eximbank, down 0.8 percent, and TCB of Techcombank, down 0.7 percent.

VIC of private conglomerate Vingroup, the biggest capped stock on HoSE, shed 0.2 percent, VHM of conglomerate’s real estate arm Vinhomes, dropped 0.5 percent, while VRE of its retail arm Vincom Retail kept its opening price.

Other major losing stocks included VJC of budget carrier Vietjet Air, down 0.6 percent, VNM of dairy giant Vinamilk and POW of electricity generator PetroVietnam Power, both dropping 0.4 percent.

Meanwhile, the HNX-Index for stocks on Hanoi Stock Exchange, home to mid and small caps, rose 0.58 percent, while the UPCoM-Index for stocks on the Unlisted Public Companies Market added 0.76 percent.

Foreign investors turned net buyers to the tune of VND317 billion ($13.67 million) on all three bourses, with buying pressure mostly on HPG of Hoa Phat Group and VCB of Vietcombank.

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