Shares jump following world market rise

Tuesday, May 19, 2020 12:16

Staffs measured body temperature in the Hoa Phat Dung Quat Integrated Steel Complex in the central province of Quang Ngai. — Photo

Vietnamese shares followed Wall Street higher on Tuesday morning amid hopes that the global economy would soon recover thanks to a successful experiment of an anti-viral vaccine.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 1.88 per cent to close morning trading at 852.78 points.

The benchmark VN-Index had risen 1.21 per cent to end Monday at 837.01 points.

More than 227.8 million shares were traded on the southern exchange, worth VND5.2 trillion (US$224.9 million).

The large-cap tracker VN30-Index climbed 2.43 per cent to close Tuesday morning at 806.40 points.

In the VN30 basket, all 30 of the 30 largest stocks by market capitalisation and trading liquidity increased.

Notable gainers were Vinhomes (VHM), Vinamilk (VNM) and Vietcombank (VCB), rising 3.1 per cent, 2.6 per cent and 1.5 per cent, respectively.

Shares of steel maker Hòa Phat Group (HPG) even surpassed the prices recorded before the COVID-19 period, gaining 5.2 per cent to close at VND26,400 per share.

The gains followed a rally on Wall Street overnight after Moderna Inc announced its COVID-19 vaccine, tested in the US for the first time, had produced protective antibodies when being trialled in eight healthy volunteers.

The positive early test results boosted sentiment as investors are betting on a economic recovery.

On Wall Street overnight, the benchmark S&P 500 posted its largest one-day percentage gain in the last six weeks, gaining 3.15 per cent. The Dow Jones Industrial Average gained 3.85 per cent and the Nasdaq Composite rose 2.44 per cent.

Oil prices jumped to their two-month high, as the easing of global lockdowns allowed economic activity to restart.

Brent crude was up 1.24 per cent to end at $35.21. US crude jumped 2.7 per cent to $32.69.

Viet Nam’s energy and mining sector index thus also gained nearly 1.6 per cent, according to

The HNX-Index on the Ha Noi Stock Exchange moved up 0.81 per cent to close Tuesday morning at 109.42 points.

The northern market index had dropped 0.45 per cent to close Monday at 108.54 points.

More than 32.7 million shares were traded on the northern bourse, worth VND334.5 billion. — VNS

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