VN stocks soar thanks to large-cap purchases

Vietnamese shares made strong gains on Thursday as investors scooped up large-cap stocks that had been previously hit hard.

VN stocks soar thanks to large-cap purchases
A Mobile World store in HCM City. The company shares gained 1.4 per cent on Thursday. — Photo thegioididong.com.vn

The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) gained 1.36 per cent to end at 938.54 points.

It was the biggest daily growth on HoSE since the Vietnamese stock market reopened on January 30 following the week-long Tet (Lunar New Year) holiday.

The benchmark index has lost a total of 5.34 per cent since the market reopened.

The VN-Index slid 0.34 per cent on Wednesday.

More than 223 million shares were traded on the southern bourse on Thursday, worth VNĐ4.24 trillion (US$182 million).

Market sentiment clearly improved from previous days as stronger purchases helped boost 264 stocks on the major bourse while 83 declined.

Buying power boosted the large-cap, mid-cap and small-cap indices on HoSE between 1.7 per cent and 2.1 per cent.

According to vietstock.vn, 24 of the total 25 sector indices increased with the best-performing being mining and energy, banking, brokerage, technology, seafood processing, agriculture and retail.

Those sector indices rose between 1.3 per cent and 6.3 per cent, data on vietstock.vn showed.

Among large-cap gainers were property firm Vincom Retail (VRE), lenders Sacombank (STB), VPBank (VPB), HDBank (HDB), PetroVietnam Gas (GAS), PetroVietnam Power (POW) and retailer Mobile World (MWG).

 

Those companies’ shares gained between 1.4 per cent and 6.9 per cent.

The benchmark VN-Index is still enjoying long-term growth momentum and the impact of the coronavirus has been priced in the market’s recent downtrend, so many stocks are very attractive to investors, according to Yuanta Securities Co.

Market confidence improved significantly as investors saw opportunities in stocks that had been brought down by fears about the epidemic, Thanh Cong Securities Co (TCSC) said in its daily report.

TCSC said the market may have moved away from the most difficult time of the year and investors now have plentiful opportunities to buy Vietnamese shares.

Attention now may be shifted to 2019 corporate earnings reports and growth prospects in 2020, especially the banking, financial and retail industries, the company said.

On the Hanoi Stock Exchange, the HNX-Index added 2.57 per cent to end at 105.84 points.

The northern market index has made a three-day rally of a total 4.47 per cent.

Nearly 35 million shares were traded on the northern market, worth roughly VND350 billion. — VNS

Vietnam’s stock market overreact to nCoV outbreak

Vietnam’s stock market overreact to nCoV outbreak

Chair of the State Securities Commission (SSC) Tran Van Dung commented that the investors have ‘overreacted’ to the nCoV outbreak, believing that the market will recover when the epidemic peaks, as it happened with SARS and H5N1.

New foreign companies reshape Vietnam’s securities brokerage market share

New foreign companies reshape Vietnam’s securities brokerage market share

The Vietnam’s stock brokerage market share has experienced big change due to the strong participation of foreign securities companies, especially of Korea-invested ones.    

 
 

Other News

.
Vietnam’s bond market posts highest growth in emerging East Asia: ADB
Vietnam’s bond market posts highest growth in emerging East Asia: ADB
BUSINESSicon  07/07/2020 

The local currency (LCY) bond market in Vietnam posted the highest growth in the emerging East Asia region, as authorities took fiscal and monetary policy actions to mitigate the economic fallout from the coronavirus pandemic.

China is largest plywood investor in Vietnam
China is largest plywood investor in Vietnam
BUSINESSicon  07/07/2020 

China has invested in 29 plywood projects worth over US$150 million in Vietnam, becoming the country’s largest plywood investor, according to Ngo Sy Hoai, vice chairman of the Vietnam Timber and Forest Products Association.

Customs authority discovers multiple cases of origin fraud
Customs authority discovers multiple cases of origin fraud
BUSINESSicon  07/07/2020 

Country of origin fraud cases, wherein Chinese products bear Made-in-Vietnam labels, are on the rise, with Vietnam’s customs authority recently inspecting 76 cases

Thai firm buys two wind power farms in Vietnam
Thai firm buys two wind power farms in Vietnam
BUSINESSicon  07/07/2020 

The move aims to take advantage of low interest rates to build projects with a quick return on investment.

FIEs displeased with government demand to license internal websites
FIEs displeased with government demand to license internal websites
BUSINESSicon  07/07/2020 

The new regulations of the MIC may affect the policies and assets of private businesses and foreign-invested enterprises in Vietnam.

Amended law alters funding landscape
Amended law alters funding landscape
BUSINESSicon  07/07/2020 

The Vietnamese National Assembly has adopted the new Law on Investment, with new rules in favour of foreign investment, including from the US, which is expected to surge in Vietnam in the time to come.

New investment wave starts despite COVID-19
New investment wave starts despite COVID-19
BUSINESSicon  07/07/2020 

The new wave of foreign investment triggered by COVID-19 and US-China trade tensions is becoming more visible as outstanding overseas ventures are expanded.

Stronger money policies might be considered to aid economic growth: SBV
Stronger money policies might be considered to aid economic growth: SBV
BUSINESSicon  07/07/2020 

The State Bank of Vietnam could increase credit growth limits for credit institutions this year or even launch stronger monetary policies to aid the country’s post-pandemic growth, Governor Le Minh Hung has said.

Guiding decrees needed to fight with transfer pricing in Vietnam
Guiding decrees needed to fight with transfer pricing in Vietnam
BUSINESSicon  07/07/2020 

Anti-transfer pricing measures were included in the Law on Tax Administration for the first time, but a guiding decree has not yet been written. Experts said this could mean the rules are less effective.

VN corporate bond market to boom in second half
VN corporate bond market to boom in second half
BUSINESSicon  07/07/2020 

Companies are looking to raise debts from bond issuance before the amended Law on Securities takes effect next January.

Is there a new wave of bank shares landing in VN stock market?
Is there a new wave of bank shares landing in VN stock market?
BUSINESSicon  08/07/2020 

Commercial banks have six months to fulfill procedures to list their shares on the bourse, as requested by the Prime Minister.

Moving from former adversaries to trusting and valued partners
Moving from former adversaries to trusting and valued partners
BUSINESSicon  07/07/2020 

Through candid dialogue, mutual respect, and a strong commitment to succeed by the leadership of both countries, Vietnam and the United States created a comprehensive partnership that identifies areas for both countries to work together.

EVFTA expected to give a lift to real estate sector
EVFTA expected to give a lift to real estate sector
BUSINESSicon  06/07/2020 

Many segments of the real estate market are soon expected to benefit from the EU-Vietnam Free Trade Agreement, which takes effect in August.

Whether Apple to build nest in Vietnam?
Whether Apple to build nest in Vietnam?
BUSINESSicon  07/07/2020 

Foxconn’s rush expansion in Vietnam raise nosy that whether Apple will choose the country as the place to build nest.

American groups make progress across Vietnam
American groups make progress across Vietnam
BUSINESSicon  06/07/2020 

Vietnam, as one of the fastest-growing economies in the ASEAN bloc, is becoming more appealing to American investors.

A dynamic and powerful ASEAN from the German perspective
A dynamic and powerful ASEAN from the German perspective
BUSINESSicon  06/07/2020 

Possessing key features that represent a snapshot of one of the most diverse, fastest-growing, and competitive regions, the ASEAN is an attractive economic region for not only German enterprises but also other European ones to invest in. 

Delving into specifics of amended business laws
Delving into specifics of amended business laws
BUSINESSicon  06/07/2020 

Businesses and investors are expected to access new positive changes when the amended Law on Investment and the amended Law on Enterprises take effect from January 1 next year.

Rays of sunshine in aviation clouds
Rays of sunshine in aviation clouds
BUSINESSicon  06/07/2020 

Amid serious impacts of COVID-19, there are hopeful points for the aviation sector on the back of the EU-Vietnam Free Trade Agreement.

Trade kickstart with distinctive solutions
Trade kickstart with distinctive solutions
BUSINESSicon  06/07/2020 

Vietnam is boosting its diplomatic activities in hope of attracting more investment and expanding its trade in the global market, with many of the country’s major partners about to open their doors to the world again.

EuroCham proposes Gov’t to cut 50 per cent of registration fee for imported cars
EuroCham proposes Gov’t to cut 50 per cent of registration fee for imported cars
BUSINESSicon  06/07/2020 

The European Chamber of Commerce in Vietnam (EuroCham) proposed the Government to apply the 50 percent registration fee reduction to all automotive assembly firms, importers and dealers of new vehicles.

 
 
 
Leave your comment on an article

OR QUICK LOGIN