Shares climb higher on supportive news

Tuesday, Aug 25, 2020 07:17

Hoa Phat steel sheets at its factory. Hoa Phat Group (HPG) rose 1.9 per cent on Monday. — Photo courtesy of the group

Shares had a good start on Monday thanks to an upbeat market sentiment in the wake of fewer COVID-19 infection cases reported in the country.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 1.63 per cent to end Monday at 868.68 points.

The market liquidity continued to rise compared to the previous session with more than 381.5 million shares were traded on the southern exchange, worth VND6.6 trillion (US$284.7 million).

The market breadth was positive with gainers outnumbering decliners by 332 to 84.

By 6pm Monday, there were six new community transmission cases confirmed in Viet Nam. The country has recorded 1,022 patients, with 588 of them having recovered. Its death toll is 27. A majority of the COVID-19 fatalities in Viet Nam have involved chronic kidney disease patients and others have had other comorbidities, including cancer.

According to Thanh Cong Securities Company, if the cash flow continues to be injected into the market, the VN-Index is likely to climb to higher resistance levels at the 880-900 point range with support from large-cap stocks.

The large-cap VN30-Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, rose 2.03 per cent to 809.69 points.

Twenty-eight of the 30 largest stocks by market capitalisation and trading liquidity in the VN30 basket increased while only two ended flat.

Among the best large-cap performers were Vingroup (VIC), rising 3.4 per cent, Vietcombank (VCB), gaining 1.2 per cent, VPBank (VPB), soaring 5.9 per cent, Bank for Investment and Development of Viet Nam (BID), going up 1.8 per cent, Viet Nam National Petroleum Group (PLX), rising 4.2 per cent, brewery Sabeco (SAB), climbing 1.9 per cent, Techcombank (TCB), gaining 2.9 per cent, PetroVietnam Gas JSC (GAS), up 1.4 per cent, Vinhomes (VHM), rising 0.6 per cent and Vinamilk (VNM), edging up 0.8 per cent.

On a sector basis, 21 out of 25 sector indices on the stock market gained ground, including real estate, insurance, banking, securities, insurance, information and technology, agriculture, logistics, seafood processing, food and beverage and construction.

On the Ha Noi Stock Exchange, the HNX-Index grew 0.43 per cent to end Monday at 123.16 points.

More than 61.7 million shares were traded on the two exchanges, worth over VND788 billion. — VNS

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