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Wednesday, December 2, 2020

Strong cash flow behind market rebound

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HCMC – A strong cash flow which especially poured into heavyweights on October 22 helped the VN-Index of the HCMC market reverse course to end higher and mark its highest gain since September 3.

With 250 winners and 152 losers, the benchmark index added 10.87 points, or 1.16% against the previous session at 949.9. Trading volume and value fell over 11% and 13% over the session earlier at 365 million shares worth VND7.3 trillion, respectively. More than 48 million shares were transacted in block deals, contributing over 898 billion to the overall value.

Many largecaps and bluechips reversed course to rise sharply. Up to 24 stocks in the VN30 basket advanced, including many big caps and bank stocks, and supported the main index.

Specifically, real estate company VIC expanded 2.9% to VND100,100, housing developer VHM gained 1.44%, and gas firm GAS increased 1.9%. Other winners included consumer goods producer MSN, steelmaker HPG, tech firm FPT, and insurer BVH that soared by between 1.6% and 4.4%, while PLX, VJC, and SSI inched up some 1%.

Among bank stocks, only lender HDB dropped a slight 0.2% while the rest staged good performance. Notably, CTG and VPB expanded 3.1% and 2%, respectively.

Two lenders TCB, STB and steelmaker HPG stole the limelight as they led the southern bourse by liquidity, with 24.4 million, 18.1 million, and 13 million shares changing hands, respectively.

Stocks such as FPT, VNM, VRE, MSN, POW, SSI, MBB also reported a high matching volume ranging between 2.34 million and 8.71 million shares.

Regarding speculative stocks, many of them closed in positive territory, especially TVB and CSV hitting their ceiling prices for two consecutive sessions.

On the northern bourse, the HNX-Index gained 0.88 points, or 0.63% against Wednesday to close at 140.86, with 54 advancers and 61 decliners. Lender ACB, securities firm SHS, construction firm VCG, and gas firm PVS were main supporters to the index.

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