VN stocks show signs of recovery

Tuesday, Nov 26, 2019 08:03

Items displayed at a PNJ store in Nha Be District, HCM City. The company's shares gained 1.6 per cent on Monday. — Photo

Viet Nam’s benchmark VN-Index inched down on Monday but a positive performance by large-cap stocks signalled the market has escaped from its short-term downtrend.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange fell 0.15 per cent to close at 976.35 points.

The VN-Index lost 3.2 per cent last week.

Investors calmed on Monday after the VN-Index suffered a three-straight-day decline last week, Sai Gon-Ha Noi Securities Co (SHS) said in its daily report.

More than 189.3 million shares were traded on the southern bourse, worth nearly VND4.1 trillion (US$176 million).

On Friday, more than 230 million shares were exchanged on HoSE, worth VND5.62 trillion.

The VN-Index bounced back on Monday after hitting the support level of 970 points during the day.

The 970 point level proved to be good for the VN-Index as investors were willing to buy again, SHS said.

Large-cap stocks performed well on Monday to lift the large-cap VN30-Index up 0.28 per cent to 894.80 points.

Leading the southern bourse’s growth were Eximbank (EIB), insurer Bao Viet Holdings (BVH), construction group Coteccons (CTD), Phu Nhuan Jewellery JSC (PNJ), and food and beverage firms Vinamilk (VNM) and Masan (MSN).

Monday’s decline indicated the VN-Index had ended its uptrend that started in June, Thanh Cong Securities Co (TCSC) said in a note.

Investors had not given up on the market yet, so it was expected to grow in the coming days, TCSC forecast.

Normally, the market would need some time to settle after a series of declining days and the index would fluctuate in a tight range, SHS said.

On Tuesday, the VN-Index could witness a technical recovery to push 980 points, the company added.

On the Ha Noi Stock Exchange, the HNX-Index gained 0.37 per cent to end at 103.46 points.

The northern market index was down total 2.8 per cent last week.

Nearly 28 million shares were traded on the northern market, worth VND348.7 billion. — VNS

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