31st Sea Games - Vietnam 2021 Covid-19 Pandemic
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
12:00, 2023/00/22
Hanoi eyes comprehensive development in 2023: Mayor
In 2023, the city is determined to successfully implement its yearly socio-economic goals and realize part of the 2021-2025 key development tasks.
16:54, 2023/54/18
EU, Germany fund to enhance public financial management in Vietnam
A robust public finance management system will enable Vietnam to achieve its long-term socio-economic growth.
13:56, 2023/56/17
Vietnam proposed 30% cut in land lease in 2023
Last year, a similar cut caused the state to miss out on VND3.5 trillion (US$150 million) in revenues.
14:58, 2023/58/14
Vietnam's foreign reserves to return to US$100-billion mark by year-end
During the first 10 months of 2022, the State Bank of Vietnam (SBV) was forced to sell an estimated 20% of total foreign exchange reserves to stabilize the exchange rate.
11:03, 2023/03/07
Vietnam’s 2023 GDP growth forecast at 7.2%: Standard Chartered
The forecast comes from the country's solid growth of 8% in 2022.
21:25, 2023/25/05
Gold of high interest for Vietnamese investors to combat inflation
As many as 73% of Vietnamese investors still believe in digital assets, despite market turbulence in 2023.