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Saturday, October 24, 2020

Industrial zone stocks fly high amid market rally

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HCMC – The local stock market registered its sixth straight session of gains despite increased selling pressure, with industrial zone stocks recording positive trading today, August 10.

In the afternoon session, the VN-Index of the Hochiminh Stock Exchange skirted the resistance level of 850 points, which was established before the Covid-29 resurgence in Danang late last month.

Exactly as forecast earlier by analysts, beating this resistance level was not easy. The main index growth lost steam when approaching the level due to selling pressure.

Closing the session, the benchmark index added 1.74 points, or 0.21% against last Friday to 843.2, with 274 winners and 117 losers. Trading on the southern bourse rose 19% in volume and 6.8% in value, with 309.3 million shares worth VND4.8 trillion, including some VND550 billion worth of shares traded in block deals.

Small stocks took the limelight in this session. Industrial zone developer ITA reached its ceiling price of VND4,260 and led the HCMC market by liquidity with over 15.3 million shares changing hands. Some other industrial zone operators including SZL and TIP closed at their ceiling prices as well. Their peers such as D2D, IDV, KBC increased by some 3%.

Real estate firm HQC also hit its upper limit with matching volume of nearly 15 million shares. Besides, DLG, DAH, BCG, SHI all shot up to their ceiling prices.

Meanwhile, some largecaps made losses with brewery firm SAB pulling back 2.2%, lender VCB closing 1.2% lower, and dairy producer VNM dropping 0.9%.

On the northern bourse, the HNX-Index moved sideways above the level of 113 points. It stayed at 113.64 points, adding 0.87 points or 0.77% at the close, with 87 stocks rising and 58 others declining.

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