Bluechip stocks fuels stock market rally

08-Apr-2020 Intellasia | The Saigon Times | 6:02 AM Print This Post

Hundreds of stocks, including bluechips, shot up to their ceiling prices at the close today, April 6, helping the VN Index of the Hochiminh Stock Exchange to gain nearly 5%.

Global stock markets have suffered sharp falls due to the severe impacts of the coronavirus such as a US Department of Labour announcement that up to 701,000 jobs in the non-agriculture sectors were reported lost last month. Also, 9.96 million people have filed for unemployment benefits in the US over the past two weeks.

Meanwhile, in the local market, positive news last weekend related to the recent Covid-19 developments in Vietnam has buoyed investor sentiment. The number of new infections has dropped significantly. The country had not recorded any new cases of Covid-19 for two consecutive mornings on April 5 and 6.

The benchmark index on the southern bourse added 34.95 points at the close, or 4.98%, against last Friday to reach the intraday high at 736.75, with 330 winners and 59 losers. Stock trade rose by 43.73 percent in volume and 32.75 percent in value from the previous session at over 334 million shares worth VND4.6 trillion.

Only low-cost carrier VJC in the VN30 basket closed at its reference price, and the remaining stocks made gains, with outstanding performers such as housing developer VHM, property giant VIC, and lenders BID, CTG, TCB.

Among the speculative stocks, two FLC family members construction firm ROS and property developer FLC hit their ceiling prices thanks to strong demand after losing steam in morning trade.

ROS stood at VND3,980 per share and led the HCM City market by liquidity with nearly 36 million shares changing hands. FLC closed at VND3,020 with over 14 million shares traded.

On the northern bourse, the HNX-Index edged up 5.41 points, or 5.53%, versus last Friday to close at 103.26. The Hanoi market saw 127 stocks increasing and 46 others tumbling.

Many fuel stocks including PVS, PVB and PVS reached their ceiling prices. Also, lender SHB touched its intraday high and was the most actively traded stock in the Hanoi market, with over nine million shares transacted.


Category: Stocks, Vietnam

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