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Shares rise up despite falling macroeconomic metrics

HÀ NỘI — Shares gained for three consecutive sessions on Friday, retracing some of the early week’s losses despite the record  一0-year low GDP growth released during the day.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange edged up 0. 二 七 per cent to close the session at  六 九 六.0 六 points.

The southern market index increased 0. 五 七 per cent to close Thursday at  六 九 四. 二 一 points.

A total of  三 二 八 million shares were traded on the southern bourse, worth VNĐ 四. 四 trillion (US$ 一 八 七. 四 million).

Eighteen of the  三0 largest stocks by market capitalisation and trading liquidity in the VN 三0 basket dropped to weigh on the market. Twelve of them moved up.

According to the General Statistics Office, Việt Nam's GDP growth in the first quarter of  二0 二0 is estimated to increase by only  三. 八 二 per cent year-on-year, the lowest in the past  一0 years. Three economic sectors experienced a sharp decline in growth, including agriculture - forestry - fishery, construction and service.

Bảo Việt Securities Co said in its daily report that Q 一 GDP growth was much lower than the preliminary forecasts in early February.

“However, this is not a surprise for investors amid the COVID- 一 九 pandemic with complicated developments recently. We believe that with Government’s drastic social distancing measures since late March  二0 二0, GDP growth will continue to be strongly affected in the second quarter, especially in service,” the company said.

On the global market, investors’ sentiment was lifted by hopes of further stimulus measures.

The Dow Jones Industrial Average surged  一, 三 五 一. 六 二 points, or  六. 三 八 per cent, to  二 二, 五 五 二. 一 七, the S P  五00 gained  一 五 四. 五 一 points, or  六. 二 四 per cent, to  二, 六 三0.0 七 and the Nasdaq Composite added  四 一 三. 二 四 points, or  五. 六 per cent, to  七, 七 九 七. 五 四.

The US is expected to pass a $ 二. 二 trillion stimulus package that will provide their people with money to curb the damage caused by the pandemic.

On the Vietnamese market, investors’ sentiment remains stable and bottom-fishing demand appeared in many large-cap stocks. Blue-chips like Bảo Việt Holdings (BVH), Vingroup (VIC), Vincom Retail (VRE), Sabeco (SAB), Vinhomes (VHM) and Vinamilk (VNM) all gained and helped indices go up.

On the down side, Mobile World Group (MWG), Hòa Phát Group (HPG), HDBank (HDB), Bank for Investment and Development of Việt Nam (BID) were among the decliners.

On the Hà Nội Stock Exchange, the HNX-Index declined 0. 四 七 per cent to close Friday at  九 七. 三 五 points.

The northern market had risen  三. 二 四 per cent to close Thursday at  一00.0 九 points.

More than  四 九 million shares were traded on the northern bourse, worth VNĐ 四 四 五 billion.

VN-Index is forecast to experience alternative ups and downs between  六 五 三- 七 二0 points next week, according to Bảo Việt Securities Co.

“The market could possibly fluctuate wildly early next week and drop to  六 五 三- 六 七 三 points,” the company said.

“Profits of listed companies in Q 一  二0 二0 may also be below expectation under the influence of COVID- 一 九 pandemic,” it said. — VNS