Stocks follow global trend to skyrocket
Stocks follow global trend to skyrocket
Following the sharp turnaround of stock markets worldwide given the United States’ enormous stimulus package to contain the economic damage from the Covid-19 pandemic, Vietnamese stocks got a strong boost today, March 25, with the benchmark VN-Index staging the biggest single-day percentage rise in 11 years.
A securities employee monitors share prices. The VN-Index climbed 4.71% following the global uptrend on March 25 - PHOTO: THANH HOA
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Closing the session, the Hochiminh Stock Exchange saw 301 stocks advancing, including 36 stocks hitting the ceiling prices, versus 84 others ending lower. The main index climbed a massive 31.04 points, or 4.71%, compared to the previous day to stand at 690.25.
Investors poured cash into large-caps on hopes they already bottomed out, sending market turnover up nearly 18% at some VND4.9 trillion.
On Wall Street, the Dow Jones Industrial Average soared 11.37%, its biggest one-day percentage gain since 1933, triggering a strong wave of recovery of European and Asian markets.
U.S. senators and the Trump administration today reached an agreement on a massive economic stimulus bill to alleviate the economic impact of the coronavirus outbreak. Investor worries on an economic downturn were soothed somewhat after the U.S. Congress announcement, according to local securities experts.
Many heavyweights went up to the ceiling prices, with conglomerate VIC and lender VCB rising to VND76,500 and VND62,000 on matching volume of 1.4 million shares and 1.8 million shares, respectively. However, speculative stocks still came under heavy selloffs, in which mining firm AMD and agricultural chemical firm HAI plunged to the floor prices.
Construction firm ROS was the most actively traded stock with 14 million shares exchanged, but it fell 5.5% at VND4,290.
On the Hanoi Stock Exchange, the HNX-Index jumped 3.14 points, or 3.24%, to close at 100.09. Lender ACB was the top gainer on the northern bourse, adding 4.6% at VND20,500 on matching volume of 4.1 million shares.
