Sunday,  Jun 7, 2020,17:32 (GMT+7) 0 0
VN-Index snaps four-day winning streak
By Gia Phong
Saturday,  May 23, 2020,08:19 (GMT+7)

VN-Index snaps four-day winning streak

By Gia Phong

A man looks at an electronic stock board. The VN-Index snapped a four-day winning streak on March 22, closing down 1.16% from the previous day – PHOTO: TNO

HCMC – The VN-Index on the Hochiminh Stock Exchange snapped a four-day winning streak on Friday as markets throughout Asia slumped due to rising tensions between the United States and China.

U.S. President Donald Trump said that Washington would react “very strongly” to a new Chinese security law on Hong Kong that could also lead to new pro-democracy protests, according to Reuters.

The news agency noted Sino-American relations have worsened during the coronavirus pandemic. The United States has ramped up its criticism of China, blaming it for the spread of the virus, which originated in the Chinese central city of Wuhan.

In Vietnam, the VN-Index fell by 9.99 points, or 1.16% to close the day at 852.74 points as the market saw 124 advancers and 236 decliners.

More than 303 million shares worth more than VND5.2 trillion changed hands on the southern bourse, down 7.8% and 2%, respectively from a day earlier.

Large cap stocks particularly had a rough day as the VN30 Index dropped 1.5% with all but one of its 30 components declining, according to VietCapital Securities in its daily report.

However, the benchmark index posted its third positive week in a row, increasing 3.1% for the week.

Vingroup stocks weighed heavily on the index. Holding firm VIC and its housing developer VHM were the top two srocks behind the day’s decline, down 1.6% and 1.9%, respectively. In addition, retailer VRE dropped by 1.9% for its second straight day.

Many banks retreated after surging on Thursday, most notably TCB (-4.3%), VPB (-2.2%) and BID (-1%).

In the food and beverage manufacturing sector, consumer goods producer MSN and brewer SAB suffered respective declines of 2.8% and 1.1%.

Steel manufacturers had a positive day. HPG was the top contributing gainer, climbing by 2.8% to an 18-month high. Meanwhile, HSG, which posted a 4.6% increase on Friday, has soared more than 113% since March 31.

On the Hanoi Stock Exchange, the HNX-Index edged up 1.23% to end Friday at 107.04 points. Trading volume fell by 6.6% to some 66.98 million shares worth VND702 billion.

Lender SHB surged by 10% to close at the ceiling price of VND13,200 per share and it led the northern bourse by liquidity with more than 13.8 million shares transacted.

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