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Shares retreat despite CPTPP launch

Investors monitor market data at the BIDV Security Company trading floor in Hà Nội. — VNS Photo Trương Vị

HÀ NỘI — The CPTPP coming into effect on Monday pushed up many stocks in the textile sector but failed to help the market recover.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange lost 0. 一0 per cent to close at  九0 一. 八0 points.

The southern market index totalled growth of  二. 四 七 per cent last week.

The HNX Index on the Hà Nội Stock Exchange slumped 0. 二 八 per cent to close at  一0 一. 五 八 points.

It gained  一.0 一 per cent last week.

Market liquidity remained at a very low level with more than  一 七 七 million shares traded on the two local exchanges, worth VNĐ 三. 二 trillion (US$ 一 三 六 million).

Large-cap stocks performed poorly on Monday morning as the blue-chip VN 三0 Index dropped 0. 一0 per cent to  八 五 九. 四 二 points.

In the VN 三0 basket,  一 七 of the  三0 largest stocks by market capitalisation declined while only eight advanced.

On a sector basis, securities, real estate, mining, insurance and construction material stocks lost ground in the morning session.

Those industry indices were down between 0.0 九 per cent and  一. 八 per cent, data on vietstock.vn showed.

In the morning, selling pressure dragged Bảo Việt Holdings (BVH), Military Bank (MBB), real estate developer (NVL), PetroVietnam Drilling Well Services Corporation (PVD) and Sai Gon Securities Incorporation (SSI).

In the afternoon session, bottom-fishing activities occurring in some blue-chip stocks such as Vinhomes (VHM), Vincom Retail (VRE) and GAS, curbed the decline of the VN-Index.

The  一 一-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) officially comes into force today, pushing up the textile stocks.

Textile stocks such as DamSan Joint Stock Company (ADS), Everpia JSC (EVE), Garmant  一0 Corporation - Joint Stock Company (M 一0), Thanh Cong Textile Garment Investment Trading Joint Stock Company (TCM), TNG Investment and Trading JSC (TNG), Viet Tien Garment Corporation (VGG) and Vietnam National Textile Garment Group (VGT), all soared.

M 一0 hit the daily limit rise of  七 per cent. TCM increased  二. 五 per cent. TNG increased by 0. 六 per cent.

From January  一 四, the tariff lines of Việt Nam have officially been abolished according to the agreement and Việt Nam will avoid tariffs imposed by  六 countries which have ratified the CPTPP.

According to Bảo Việt Securities Company (BVSC), despite the withdrawal of the US, the CPTPP can still have extremely beneficial impacts for Việt Nam.

Specifically, due to the tariff cut, the CPTPP can boost GDP by  一. 三 二 per cent, or US$ 一. 七 billion. From now until  二0 三 五, GDP growth each year could see an increase of 0.0 一 六 per cent on average or US$0.0 二 billion per year, BVSC said.

According to BIDV Securities Company, the market will fluctuate around  九00 points while investors are waiting for information from the US-China trade discussion and news on the US government shutdown.

The UPCOM Index on the Unlisted Public Company Market (UPCoM) was down 0.0 九 per cent to finish at  五 三. 一 四 points. — VNS