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Airline stocks drive VN-Index up

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HCMC – Airline stocks advanced today, April 13, buoyed by plans to restart the coronavirus-battered industry on April 16, with the VN-Index of the Hochiminh Stock Exchange rising after a falling session last Friday.

The benchmark index closed up 7.85 points, or 1.04%, at 765.79, though it missed the intraday high of 768 points. Trading volume on the southern bourse slumped 30.4% against last Friday at over 235 million shares while trading value slid around 3.4% at VND4.2 trillion.

Low-cost carrier VJC almost hit its daily upper limit after announcing to add more domestic flights right after the lifting of the social distancing measures and offer new membership cards to passengers. It soared 6% against the previous session at VND115,700. HVN, the national flag air carrier, went up to its ceiling price for the second consecutive session, standing at VND23,550.

The banking sector recovered slightly after its correction late last week, with most lenders adding around 1% each. VPB stood out as a son of the bank’s general director had registered to buy 12 million shares, sending the share price soaring to its ceiling price of VND19,950 with matching volume of 4.6 million shares.

However, dairy group VNM ended its six-day winning streak, losing 0.5% at VND99,100. MSN, a consumer goods production firm, dipped 3.5% at VND58,100 after seven rising sessions in a row.

According to a recent report of Bao Viet Securities, the VN-Index is forecast to head toward the resistance zone of from 780 to 820 points.

However, various stocks with impressive increases last week have approached important resistance. Therefore, the index may possibly face profit-taking and correction pressure in the upcoming sessions, the securities firm said.

On the Hanoi Stock Exchange, the HNX-Index added 0.98 points, or 0.92%, at 107.16. The index has gained a total of 14.8% over the past eight winning sessions.

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