VN market remains upbeat on individual large-cap gains

Friday, Oct 16, 2020 06:43

A Hoa Phat Group facility in Pho Noi A Industrial Park, Hung Yen Province. Shares of the steel company rose 2.5 per cent on Thursday. — VNA/VNS Photo Pham Kien

Vietnamese shares edged up on Thursday on the back of a few blue chips while increased profit taking kept hitting mid-cap and small-cap sectors.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange rose 0.27 per cent to 942.76 points.

The VN-Index has gained total 2.60 per cent in the last five trading days.

Multisectoral company Vingroup (VIC), steel producer Hoa Phat (HPG) and consumer firm Masan (MSN) were the three blue chips that boosted the market.

VIC advanced 2.6 per cent, HPG rose 2.5 per cent and MSN added 1.4 per cent.

The property, materials and consumer sector indices, therefore, increased by 1.9 per cent, 1.7 per cent and 0.4 per cent, respectively, according to

VIC, HPG and MSN were three of the 19 gaining large-cap stocks in the VN30 basket.

Other large-cap gainers included Sacombank (STB), Phu Nhuan Jewellery JSC (PNJ), HDBank (HDB) and aviation company Vietjet (VJC).

Of the 30 largest stocks by market capitalisation and trading liquidity in the VN30, eight declined, such as Bank for Investment and Development of Viet Nam (BID), Vinhomes (VHM) and PetroVietnam Gas Corporation (GAS).

The large-cap tracker VN30-Index gained 0.79 per cent to 899.20 points at the end of Thursday.

The VN30 futures due on Thursday was up nearly 0.50 per cent to 899.20 points.

Aside from the positive growth of the large-cap sector, profit taking kept weighing on mid-cap and small-cap stocks.

The mid-cap and small-cap trackers on HoSE fell 0.17 per cent and 1.06 per cent, respectively.

Across the southern bourse, declining stocks outnumbered gainers by 223 to 184 while 66 stocks were unchanged.

On the Ha Noi Stock Exchange, the HNX-Index gained 1.58 per cent to 139.66 points.

Sai Gon-Ha Noi Bank (SHB), Asia Commercial Bank (ACB) and Viet Nam-Germany Steel JSC (VGS) rose between 2.1 per cent and 9.3 per cent to boost the northern market.

The HNX-Index has rallied total 2.77 per cent in the last three trading days.

More than 537.7 million shares were traded on the two exchanges, worth VND10.47 trillion (US$451.7 million).

Foreign investors net-sold VND278.7 billion worth of local assets, down 52 per cent in value from Wednesday.

According to Thanh Cong Securities Co (TCSC), large-cap stocks still carried the market up but the momentum has weakened at the 940-950 point zone.

The market will struggle in coming days when blue chips weaken and profit taking increases on their rallies, the company said. — VNS

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