VN-Index gains for sixth straight session

Tuesday, Apr 21, 2020 08:15

A worker of PetroVietnam Gas JSC (GAS) extracts gas. GAS rose 1.6 per cent on Monday. — Photo

Vietnamese shares climbed on Monday thanks to positive signs in the country’s efforts to contain the COVID-19 pandemic, while a jump in energy stocks also boosted indices.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained for a sixth straight session on Monday, up 0.68 per cent to close trading at 794.97 points.

The index had gained a total of 4.18 per cent last week to hit a one-month high of 789.6 points.

More than 336 million shares were traded on the southern exchange, worth VND5.2 trillion (US$221.7 million).

The large-cap tracker VN30-Index climbed 0.18 per cent to close at 736.31 points.

In the VN30 basket, 13 of the 30 largest stocks by market capitalisation and trading liquidity increased, while 13 declined. Four were unchanged.

Market sentiment remained positive as investors had hopes that nationwide social distancing orders to contain the spread of the coronavirus were working.

Viet Nam has reported no new coronavirus infections in the last four days.

The total number of infected patients in Viet Nam remained at 268 as of Monday, the National Steering Committee for COVID-19 Prevention and Control announced.

A nationwide social distancing campaign came into effect on April 1 to stem the spread of COVID-19.

Oil and gas stocks rose sharply on Monday, with gainers including PetroVietnam Gas JSC (GAS), increasing by 1.6 per cent, PV Power (POW), rising by 4 per cent, PetroVietnam Technical Services Corporation (PVS), up by 5.7 per cent and PetroVietnam Construction Corporation (PVC), climbing by 7.7 per cent.

Notably, PetroVietnam Coating Corp (PVB) soared by 9.7 per cent and PetroVietnam Drilling and Well Services Co (PVD) surged by 6.6 per cent.

Other pillars also performed well, including brewery Sabeco (SAB), rising by 7 per cent and giant steelmaker Hoa Phat Group (HPG), going up 2.4 per cent.

On the other side, some blue chips lost ground. Vincom Retail (VRE) dropped by 1.1 per cent, insurer Bao Viet Holding (BVH) fell by 1.2 per cent and Masan Group (MSN) lost 2 per cent.

Banking stocks also traded negatively, including Saigon Hanoi Bank (SHB), falling 3.3 per cent, VPBank (VPB) and Military Bank (MBB) dropping by 2.1 per cent, Sacombank (STB), down 1.8 per cent, Asia Commercial Bank (ACB), falling 1.4 per cent and Vietinbank (CTG), dropping 1.2 per cent.

The HNX-Index on the Ha Noi Stock Exchange moved down 0.71 per cent to close Monday at 109.68 points.

Nearly 72.2 million shares were traded on the northern bourse, worth VND695 billion.

According to Bao Viet Securities Co (BVSC), the VN-Index is forecast to head toward the resistance zone of 800-820 points.

“However, the index will possibly face correction and volatility pressure at this resistance in several sessions. Leading large-cap stocks are showing signs of a slowdown at high prices after surges recently,” BVSC said. — VNS

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