Launch of CPTPP fails to rescue stocks

16-Jan-2019 Intellasia | VNS | 6:00 AM Print This Post

Despite the official launch of the CPTPP today, markets failed to respond positively to the news.

The benchmark VN Index on the Ho Chi Minh Stock Exchange lost 0.44 per cent to close at 898.76 points.

The southern market index totalled growth of 2.47 per cent last week.

The HNX Index on the Hanoi Stock Exchange slumped 0.12 per cent to close at 101.74 points.

It gained 1.01 per cent last week.

More than 84 million shares were traded on the two local exchanges, worth VND1.3 trillion (US$57 million).

Large-cap stocks performed poorly on Monday morning as the blue chip VN30 Index dropped 0.50 per cent to 856.00 points.

In the VN30 basket, 21 of the 30 largest stocks by market capitalisation declined while only six advanced.

Selling pressure dragged on insurer Bao Viet Holdings (BVH), PetroVietnam Gas JSC (GAS), steel maker Hoa Phat Group (HPG) and real estate developer Novaland (NVL).

On a sector basis, securities, real estate, mining, insurance and construction material stocks lost ground during the morning session.

Those industry indices were down between 0.3 per cent and 1.2 per cent, data on showed.

The 11-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) officially came into force today, pushing up textile and seafood group stocks.

Textile stocks such as DamSan Joint Stock Company (ADS), Everpia JSC (EVE), Garmant 10 CorporationJoint Stock Company (M10), Thanh Cong Textile Garment Investment Trading Joint Stock Company (TCM), TNG Investment and Trading JSC (TNG), Viet Tien Garment Corporation (VGG) and Vietnam National Textile & Garment Group (VGT) all soared.

M10 hit the daily ceiling of 7 per cent, while TCM increased 2.9 per cent and TNG rose 3 per cent.

The afternoon trading session starts at 1pm.


Category: Stocks, Vietnam

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