Home / Economy / Banking & Finance
Vietnam stocks jump most in 11 years Wednesday amid global gains
Minh Anh 23:49, 2020/03/25
Analysts at MB Securities and Yuanta Securities reckoned Wednesday’s rally is a short-termed rebound.

Vietnamese shares experienced the strongest rebound on March 25 in nearly 11 years as investors bought across the board, encouraged by rallies around the globe on hope for the passage of a colossal stimulus package in the United States.

 Source: Bloomberg

The benchmark VN-Index of the Hochiminh Stock Exchange ended up 4.71%, the strongest in a day since July 24, 2009, to 690.25 – the intraday high, according to exchange data.

Sentiment was robust since the opening session, with strong buy of bluechips and battered stocks after recent plunges. As many as 301 tickers went up, versus 84 losers, while 39 others stayed still. Trading volume was heavy with 270.2 million shares worth VND4.89 trillion (US$208.2 million) changed hands.

The VN30 Index, comprised of the 30 heavyweights on the bourse, jumped 4.3%, with Vingroup (VIC), Vinhomes (VHM), Vincom Retail (VRE), Vietcombank (VCB), VietinBank (CTG), Baoviet Holdings (BVH), jewelry retailer PNJ, brokerage SSI, PV Gas (GAS), and Petrolimex (PLX) hitting their upper limits at the close.

The HNX Index of the Hanoi Stock Exchange regained the 100-point psychological threshold while the UPCOM Index rose 2.1%.

 Source: SSI

Foreign players extended their selling spree to the 32nd day, but the net value narrowed to VND368 billion (US$15.6 million).

Wall Street posted the best day since 1933 on expectation the White House and the Senate would reach a deal on a US$2 trillion stimulus package.

Meanwhile, major indexes of regional bourses closed on positive notes. Japan’s Nikkei 225 was up 8.1%, South Korea’s Kospi increased 5.9%, Hong Kong’s Hang Seng climbed 4% and China’s Shenzhen Component rose 3.2% on Wednesday.

The positive sentiment on Wednesday many persist till the weekend despite foreign investors’ net sales, according to MB Securities.

The VN-Index is expected to continue going north and face a resistance territory of 695-710, Yuanta Securities predicted.

Analysts at both MB Securities and Yuanta Securities reckoned Wednesday’s rally is a short-termed rebound.

RELATED NEWS
TAG: SHARES Vietnam VN-Index HNX-Index Vingroup VIC Vinhomes VHM Vincom Retail Vietcombank VietinBank.
Other news
18:15, 2021/15/03
Finance ministry to cut 30% of corporate income tax
New support measures may lead to a decline of VND20 trillion ($870 million) in State budget revenue.
21:04, 2021/04/02
Banks urged to reduce interbank money transfer fees
The request from the State Bank of Vietnam is expected to help people overcome difficulties during the Covid-19 outbreak and push cashless payment.
16:22, 2021/22/29
Central Bank warns of risks in real estate lending
Credit demand has been on the rise in the first half of the year and is set to maintain its growth momentum for the second six months.
18:10, 2021/10/28
Vietnam's parliament approves plan to borrow US$134 billion in next 5 years
The policymakers today (July 28) passed resolutions on the national financial plan and debt payment and mid-term public investment in the 2021-25 period, and State budget final accounts in 2019.
11:04, 2021/04/27
Finance ministry urges minimum trading lot once again be 10 shares
The move, if realized, would be welcome news for investors, especially those with limited financial capabilities, to buy stocks in small quantities.
14:47, 2021/47/22
Overheated stock market poses risks for Vietnam long-term growth: Experts
It remains unclear whether the rise of the stock market benefits enterprises and supports growth.