VN-Index up for seventh straight session

By Hung Le   November 25, 2020 | 01:16 am PT
VN-Index up for seventh straight session
An investor looks at stock prices on a laptop at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
The VN-Index climbed 0.42 percent to 999.94 points Wednesday, its highest point since late November last year.

Contrary to predictions of most securities companies, who said the VN-Index would see strong corrective pressure as it nears the 1000-point resistance level, the index actually shot up over four points within the first 30 minutes of trading, and fluctuated in the green during the whole trading day.

The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, saw a fairly balanced session with 205 stocks gaining and 221 losing. Total trading volume abated around 10 percent over the previous session, to VND11 trillion ($476.86 million).

The VN30-Index for the market’s 30 largest caps was up 0.11 percent, with 17 stocks rising and 12 falling.

State-owned banks were some of the best performers this session. Of Vietnam’s three biggest lenders by assets, BID of BIDV, VCB of Vietcombank and CTG of VietinBank rose 1.5 percent, 1.2 percent, and 0.8 percent respectively. MBB of mid-sized Military Bank added 0.5 percent.

Results were mixed for the private banking sector, with VPB of VPBank topping gains on the VN30 with 4.1 percent, EIB of Eximbank gaining 0.6 percent, while STB of Sacombank, HDB of HDBank, and TCB of Techcombank shed 1 percent, 0.6 percent and 0.2 percent respectively.

VIC of private conglomerate Vingroup, HoSE’s biggest cap, climbed 1.5 percent. Of its two subsidiaries, VRE of mall operator Vincom Retail gained 1.1 percent, while VHM of real estate developer Vinhomes was down 0.4 percent.

Other major gainers this session included SAB of major brewer Sabeco, up 1.6 percent, SSI of top brokerage Saigon Securities Inc., with 1.3 percent, and VJC of budget carrier Vietjet Air, with 0.8 percent.

Topping losses this session was HPG of steelmaker Hoa Phat Group, which plunged 5.1 percent. HPG had been one of the best performing tickers on the VN30, either gaining or keeping its opening price for the last 10 consecutive sessions.

Other major losers included ROS of construction firm FLC Faros, down 0.9 percent, KHD of real estate developer Khang Dien House, down 0.8 percent, and FPT of IT service giant FPT, with 0.7 percent.

The HNX-Index for the Hanoi Stock Exchange, home to mid- and small-caps, gained 0.35 percent, and the UPCoM-Index for the Unlisted Companies Market dropped 0.24 percent.

After five consecutive sessions of net buys, foreign investors returned to being net sellers this session, to the tune of VND142 billion on all three bourses. The most net sold stocks were HPG of Hoa Phat Group, and HDB of HDBank.

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