VN-Index squeaks out of five-session losing streak

By Hung Le   March 18, 2020 | 03:13 am PT
The VN-Index rose 0.25 percent to 747.66 points Wednesday, ending a five-session downturn that had shaved off over 10 percent.

Vietnam’s benchmark index, which represents stocks on the Ho Chi Minh Stock Exchange (HoSE), rose past the 752-point mark twice in the morning session, following last night’s Wall Street gains that saw the S&P 500 surge 6 percent and the NASDAQ’s 5.83 percent.

However, selling pressure returned in the afternoon, dragging the index down to 742 points before recovering at the end of the session.

229 stocks gained and 131 stocks lost on HoSE, with total trading volume at VND4.29 trillion ($184.55 million), a slight rise above the previous session, in which order-matched transactions accounted for 67.62 percent.

The VN30-Index for the market’s 30 biggest capped stocks also edged up 0.13 percent, with 13 gaining stocks and an equal number losing.

PLX of state-owned petroleum distributor Petrolimex and ROS of real estate developer FLC Faros were two tickers that hit their price ceilings this session, gaining 7 percent and 6.9 percent respectively.

Other major gainers included two stocks of Vietnam’s three biggest state-owned lenders by assets, which were VCB of Vietcombank, up 2.7 percent, and BID of BIDV, up 2.2 percent. The third, CTG of VietinBank, lost 0.2 percent this session.

Three out of five private banking stocks also closed in the green. EIB of Eximbank added 1.6 percent, HDB of HDBank, 0.5 percent, and VPB of VPBank, 0.2 percent. TCB of Techcombank kept its opening price this session, while STB of Sacombank was among the VN30’s biggest losers, dropping 2 percent.

The remaining gainers were a mixed bag from different industries. HPG of leading steelmaker Hoa Phat Group gained 2.6 percent, MWG of electronics retailer Mobile World added 1.9 percent, and VIC of Vietnam’s biggest private conglomerate Vingroup rose 0.6 percent.

In the opposite direction, SAB of major brewery Sabeco lost 3.6 percent, SSI of brokerage firm Saigon Securities Inc., 3.5 percent, and GAS of state-owned energy giant PetroVietnam GAS, 3 percent.

MBB of Military Bank, a mid-sized sate-owned lender, fell 1.2 percent, followed by VNM of dairy giant Vinamilk and POW of PetroVietnam Power, the country’s second biggest electricity generator, both by 1 percent.

Meanwhile, the HNX-Index for stocks on the Hanoi Stock Exchange, Vietnam’s second main bourse for small and midcap stocks, surged 1.411 percent, and the UPCoM-Index for unlisted public companies added 0.12 percent.

Foreign investors were net sellers for the 27th consecutive session to the tune of VND685 billion ($29.43 million) on all three bourses, with selling pressure focused on VHM of real estate developer Vinhomes which lost 0.6 percent, and VNM of Vinamilk, which shed 1 percent.

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