Stocks climbs on strong money flow, gold surpasses VND55 million

Thursday, Dec 03, 2020 08:19

Gold trading at a shop in Ha Noi. Gold prices surpassed VND55 million ($2,371) per tael on Wednesday. — VNA/VNS Photo Tran Viet

Large caps accelerated in Wednesday’s afternoon trade, helping lift the VN-Index which slipped in the morning due to big divergence in key industries.

On the Ho Chi Minh Stock Exchange, the VN-Index increased 0.54 per cent to close the session at 1,014.32 points.

Liquidity continued to rise with 684.5 million shares worth VND14.3 trillion (US$616.4 million) traded, up 17.3 per cent in volume and 22.2 per cent in value compared to Tuesday’s figures.

Especially on Wednesday, 160 million shares of Development Investment Construction JSC (DIG) worth VND3.44 trillion changed hands through a put-through deal.

The market breadth was positive with the number of gaining stocks outnumbering the losing ones by 229-202. Another 89 closed flat.

“Strong money is flowing in the stock market to seek the best profits. There is no change in market trend to falter this money flow,” said Bao Nguyen, a stock analyst at Viet Dragon Securities Co, in a daily report.

However, he said although the market was strong, it was not spreading to all sectors, with most of the money flow focused on key industries.

Sixteen of the top 30 largest shares by market value and liquidity advanced on Wednesday and 12 declined.

Many heavyweight stocks grew strongly in the afternoon session, including PV Power (POW) which hit the ceiling of a 10-per-cent growth; Vinhomes (VHM), sugar maker Thanh Thanh Cong-Bien Hoa Co (SBT), Techcombank (TCB) and Military Bank (MBB), each climbing by more than 2 per cent.

Vietcombank (VCB), Vietjet (VJC), brewer Sabeco (SAB), Saigon Securities Inc (SSI) and Khang Dien House Trading and Investment (KDH) increased by more than 1 per cent.

According to BIDV Securities Co (BSC), the VN-Index is forecast to continually fluctuate around 1,000 points in several sessions but still experience a wide divergence among stock sectors.

“Capital starts to flow into the sectors that have yet to rise significantly to seek profit,” said BSC’s analyst Tran Xuan Bach in a daily report.

On the Ha Noi Stock Exchange, the HNX-Index increased 1.25 per cent to close the session at 150.8 points.

Nearly 70 million shares worth more than VND1 trillion were traded here.

Gold climbs

Gold prices kept rising this morning with retail prices surpassing VND55 million ($2,371) per tael. A tael is equivalent to 1.2 ounces.

Saigon Jewelry Co listed their buying/selling prices of SJC gold at VND54.45 million and VND55.1 million per tael, respectively, up VND880,000 per tael against Tuesday’s closing prices.

Prices of SJC gold brand at Bao Tin Minh Chau Jewelry (BTMC) and Doji also increased strongly, trading around VND54.45 million for buying and VND54.95 million for selling at BTMC and VND54.4 million and VND54.05 million at Doji. — VNS

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