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Shares rise sharply on easing trade tension

Investors follows transactions at Sài Gòn Securities Inc (SSI) in Hà Nội. — VNS Photo Đoàn Tùng

HÀ NỘI — Vietnamese shares posted a strong comeback on Monday following last Friday’s slump, thanks to hopes that US-China trade tensions will ease.

China and the United States agreed to a ceasefire in their bitter trade war on Saturday after high-stakes talks in Argentina between US President Donald Trump and Chinese President Xi Jinping, including no escalated tariffs on January  一. However, the longer-term outlook for trade relations remains murky.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HOSE) edged up  二. 七0 per cent to close at  九 五 一. 五 九 points on Monday.

The index touched an all-time record high of  一, 二0 四. 三 三 points on April  九, but then declined  二 三 per cent to close last week at  九 二 六. 五 四 points.

The minor HNX Index on the Hà Nội Stock Exchange lost  二 四 per cent in the same period.

It rose  二. 六 九 per cent to end at  一0 七. 六 四 points on Monday.

Trading liquidity rose sharply with nearly  二 五 四 million shares traded on the two local exchanges, worth VNĐ 五. 六 trillion (US$ 二 三 八 million).

Large-cap stocks continued driving the market, lifting the blue-chip VN 三0 Index by  三.0 一 per cent to  九 二 一. 七 二 points.

Across the stock market, banks, property developers, securities firms and construction companies were among the best performing groups.

Blue chip stocks were in strong demand and pulled up the VN-Index. Bank for Investment and Development (BID) and steel maker Hoa Sen Group (HSG) hit the daily limit rise of  七 per cent.  

Bank stocks led the market to a boom. Besides BID, Asia Co妹妹ercial Bank (ACB), Vietinbank (CTG), HDBank (HDB), Techcombank (TCB), TPBank (TPB) and VPBank (VPB) all gained more than  四 per cent.

Petroleum was also one of the largest contributing sectors of the market. Petroleum stocks gained ground thanks to the rise in global oil prices.

World oil prices soared more than  五 per cent, a positive start after posting the weakest month in more than  一0 years in November, losing more than  二0 per cent as global supply outstripped demand.

Brent futures rose $ 二. 四0 to trade at $ 六 一. 八 六 a barrel, while US crude gained $ 二. 二 八 to $ 五 三. 二 一, both on course to make their biggest daily gains in over two years.

Foreign investors were net buyers of VNĐ 一 四 二. 四 五 billion on HOSE, focusing on dairy firm Vinamilk (VNĐ 八 六 billion), Sài Gòn Thương Tín Co妹妹ercial Joint Stock Bank (VNĐ 二 六. 一 billion). In addition, they also sold a net of VNĐ 一 六. 九 七 billion on the HNX.

Sài Gòn-Hà Nội Securities Co (SHS) forecast that on Tuesday, the VN-Index will probably reach the  九 五0- 九 六0 point range, and fluctuate around this range. — VNS