Shares gain on economic reopening plan

Monday, May 11, 2020 12:19

Customers make transaction at a VPBank (VPB) branch in Hà Nội. Shares of VPBank (VPB) rose 5.5 per cent on Monday morning. — Photo

 Shares had a good start on Monday morning, following the positive trading of global markets.

The benchmark VN-Index on the Ho Chi Minh Stock gained 1.21 per cent to close the morning session at 823.58 points.

The index had rallied a total of 5.8 per cent last week.

Nearly 218.3 million shares were traded on the southern exchange for VND3.7 trillion (US$158.4 million).

The market breadth was positive as gainers outnumbered decliners by 217 to 127.

Asian shares followed Wall Street higher on Monday as investors looked ahead to more countries restarting their economies after a long stagnation period due to the COVID-19 pandemic.

The Dow Jones Industrial Average rose 1.91 per cent to 24,331.32, the S&P 500 gained 1.69 per cent to 2,929.8 and the Nasdaq Composite grew 1.58 per cent to 9,121.32.

In Asian markets, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.1 per cent.

Japan's Nikkei added 1.6 per cent and Chinese blue chips gained 0.7 per cent.

In Việt Nam, in a meeting with businesses on Saturday, Prime Minister Nguyen Xuan Phuc also called for the restoration of business activities as the COVID-19 pandemic was basically under control.

Twenty-three out of 25 sectors gained ground on Monday morning thanks to a boost from strong buying demand. Retail, wholesale, insurance, real estate, food and beverage, construction materials, agriculture, information and technology, oil and gas and securities were among the gainers.

The sector indices gained between 0.3 per cent and 6.3 per cent, according to

Healthcare and construction lost ground.

Banking stocks outperformed with Vietcombank (VCB), Bank for Investment and Development (BID), Military Bank (MBB), Vietinbank (CTG) and VPBank (VPB) all rallying.

Petroleum stocks also marched higher such as Petro Vietnam Gas JSC (GAS), PetroVietnam Technical Services Corporation (PVS), Việt Nam National Petroleum Stock (PLX) and PetroVietnam Drilling and Well Services Co (PVD).

The VN30-Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, increased 1.57 per cent to close at 772.09 points.

On the Ha Noi Stock Exchange, the HNX-Index rose 0.88 per cent to end Monday morning at 110.99 points.

More than 24.3 million shares were traded on the northern bourse for VND245.9 billion. — VNS

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