Shares manage to gain as large-caps return

Friday, Feb 28, 2020 08:35

The cow farm of dairy producer Vinamilk (VNM) in Don Duong District, Lam Dong Province. VNM gained 2.3 per cent on Thursday. — VNA/VNS Photo Pham Kha

VN-Index finished down on Thursday morning but recovered in the afternoon thanks to growth among individual large-cap stocks.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange increased 0.28 per cent to close at 898.44 points.

The VN-Index tumbled 1.51 per cent on Wednesday.

Trading liquidity was modest as investors remained worried about the global economy and the impacts of a potential coronavirus pandemic.

More than 163.2 million shares were traded on the southern bourse, worth VND3.5 trillion (US$151.4 million).

Positive signs emerged when investors tried to scoop up stocks that fallen since the beginning of the week.

Notable gainers included dairy firm Vinamilk (VNM) (+2.3 per cent), Vietinbank (CTG) (+1.6 per cent), Techcombank (TCB) (+1.8 per cent), National Petroleum Group (PLX) (+2.2 per cent), Mobile World Group (MWG) (+2.1 per cent), Hoa Phat Group (HPG) (+0.9 per cent), Bank for Investment and Development (BID) (+0.2 per cent), VPBank (VPB) (+0.2 per cent), and Novaland (NVL) (+0.2 per cent).

In the opposite direction, majors shares fell, including Vietcombank (VCB) (-1.2 per cent), brewery firm Sabeco (SAB) (-2.1 per cent), PetroVietnam Gas JSC (GAS) (-1.1 per cent), Vingroup (VIC) (-0.3 per cent), Vietjet (VJC) (-1.8 per cent), and PVPower (POW) (-1 per cent).

According to Bao Viet Securities Co, the VN-Index was expected to hover from 891-895 points and increase during the last trading session of the week thanks to the recovery.

“The index needs to break over 910-point level in order to recover next week. However, if it does, it will face the risk of a downtrend towards the strong and medium-term support zone of 860-870 points,” BVSC said.

The company added that stock exposure should be maintained at 15-25 per cent of portfolios.

“Investors with high stock exposure should take advantage of market rallies to lower their exposure. Investors with high cash proportions should stay outside the market and look for recovery signs,” it said.

Large-cap tracker the VN30-Index was up 0.79 per cent to end Thursday at 848.34 points, with 21 gainers and eight decliners.

On the Ha Noi Stock Exchange, the HNX-Index rose 2.48 per cent to end Thursday at 109.26 points.

The northern market index finished Wednesday down 0.05 per cent.

Nearly 42 million shares were traded on the northern bourse, worth VND459 billion. — VNS

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