Shares gain despite regional troubles
In spite of the drop of other Asian markets, Viet Nam had a good start on Monday as many large-caps gained ground.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange inched up 0.63 per cent to end at 958.54 points.
More than 232 million shares were traded on the southern bourse, worth VND4.5 trillion (US$193 million).
The index ended last week at 952.55 points, for a total weekly loss of 2.22 per cent.
Asian stocks fell on Monday as hopes of an imminent trade deal between the US and China were broken with neither side showing any sign of concessions, raising concerns about a new round of tariffs.
Chinese shares dropped, with the benchmark Shanghai Composite and the blue-chip CSI 300 down by 1.2 per cent and 1.8 per cent, respectively, while Hong Kong’s financial markets were closed for a holiday.
Japan’s Nikkei average lost 1.0 per cent to hit its lowest level since March 28, before closing down 0.7 per cent.
Many large-cap stocks gained ground, strongly supporting the index, such as insurer Bao Viet Holdings (BVH), FPT Corporation (FPT), Vincom Retail (VRE), Vinhomes (VHM), Vingroup (VIC), brewery Sebeco (SAB), Mobile World (MWG), Phu Nhuan jelwellery (PNJ) and budget carrier Vietjet Air (VJC).
The large-cap VN30-Index rose 0.36 per cent to stand at 879.64 points with 18 stocks gaining out of the 30 largest by market capitalisation.
Real estate, securities, banking, insurance, food and beverage and agriculture were among the best-performers.
Their indices rose between 0.40 per cent and 2.72 per cent, data on vietstock.vn showed.
On the opposite side, mining, wholesale and construction materials were among the decliners.
Gainers in the banking and securities groups included Bank for Investment and Development (BID), Vietinbank (CTG), Military (MBB), Saigon Securities Incorporation (SSI), VPBank (VPB), HDBank (HDB), Tien Phong Bank (TPB) and Techcombank (TCB).
Mining stocks faced profit-taking pressures with PetroVietnam Gas JSC, PetroVietnam Drilling and Well Services Corporation (PV Drilling or PVD) and PetroVietnam Technical Services Corporation (PVS) declining.
Foreign investors continued selling strongly yesterday with a net of VND116.87 billion on HOSE, focusing on steel maker Hoa Phat Group (HPG) (VND49.4 billion), Vinhomes (VHM) (VND38.3 billion) and HDBank (HDB) (VND23.8 billion). In addition, they sold a net of VND298.37 billion on the HNX.
On the Ha Noi Stock Exchange, the HNX-Index decreased by 0.23 per cent to close at 105.61 points.
The index fell 0.94 per cent last week to end at 105.61 points.
Around 44 million shares were traded on the northern bourse, worth VND636 billion.