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Thursday, November 26, 2020

Local market stages strong rebound

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HCMC – Upbeat investor sentiment and strong cash flow into many stocks spurred the VN-Index of the Hochiminh Stock Exchange up to near 815 points today, August 3.

With winning stocks far outnumbering losers by 339 to 64, the main index jumped by 16.26 points, or 2.04%, against the session earlier, at 814.65. Trade volume totaled over 298 million shares worth VND4.75 trillion, up 19.4% and 21.8%, respectively, from the previous session. Block deals contributed VND1.2 trillion to the total value.

Most of the stocks in the VN30 basket gained ground at the first session of August, with many bank stocks closing the day at their intraday highs.

Lender VCB added 3.1% at the close, while other bank stocks such as TCB, CTG, HDB, MBB and STB rose by 1.9%-2.9%.

Other large-cap stocks were in positive territory, including dairy firm VNM, housing developer VHM, gas firm GAS and property firm VIC.

In the insurance stock group, BVH flew high to the ceiling price while BIC, BMI, VNR and PTI soared by between 1.8% and 5.3%.

Some steel stocks stole the limelight on the southern market led by steelmaker HPG, which ended 5.5% higher and became the most actively traded stock with matching volume of some 16.9 million shares.

Steel firm HSG jumped by 6.8% and came second for liquidity on the southern bourse with 13.8 million shares changing hands.

Apart from the strong gain of multiple large caps as key drivers of the southern exchange, many small caps finished the day at the ceiling prices, including industrial zone developer ITA,  construction firm ASM and real estate firm DRH.

On the Hanoi Stock Exchange, the HNX-Index also made a strong rebound, improving by 2.92 points, or 2.71%, against the session earlier, at 110.43, supported by many bluechips.

Except for lender NVB closing the day at the reference price, most of the top 10 stocks by market capitalization gained steam.

Oil and gas firm PVS took the lead by liquidity on the northern bourse with 4.5 million shares traded, followed by bank stock NVB. A number of small-cap stocks also shot up to their ceiling prices.

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