Shares gain on trade deal optimism

June 08, 2020 | 16:59

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Vietnamese stocks gained on Monday morning as investors took heart from the official ratification of the Europe-Việt Nam Free Trade Agreement (EVFTA).

Many stocks in the textile sector gained strongly after the news on the official ratification of the EVFTA. - Photo vietnamnet.vn

The VN-Index in the Ho Chi Minh Stock exchange advanced 1.93 per cent to close the morning trade at 903.29 points.

Nearly 367 million shares were traded on the southern exchange, worth VND4.9 trillion (US$210 million).

The southern market index had gained a total of 2.52 per cent last week.

Large-cap stocks outperformed on Monday morning as their tracker VN30-Index was up 1.95 per cent to close at 842.62 points.

There were 29 of the 30 largest stocks by market value and trading liquidity gaining while 1 declining.

The official ratification of the EVFTA had a positive impact on the textile and seafood stock groups as they will be direct beneficiaries when tariffs are abolished under the trade pact.

Many stocks in the textile and seafood sectors gained strongly such as Vĩnh Hoàn Corporation (VHC), up 6.7 per cent; Minh Phú Seafood Corporation (MPC), up 3.5 per cent; TNG Investment and Trading JSC (TNG), up 2.7 per cent; and Thành Công Textile Garment Investment Trading Joint Stock Company (TCM), up 2.3 per cent.

Other blue-chips like Bao Viet Holdings (BVH), FPT Corporation (FPT), Masan Group (MSN), Vingroup (VIC), Vinamilk (VNM), Vinhomes (VHM), Mobile World Group (MWG), Phu Nhuan Jewelry (PNJ) and Vietjet (VJC), Vietinbank (CTG), Military (MBB), Vietcombank (VCB) all gained strongly and helped the market rally.

The HNX-Index on the Ha Noi Stock Exchange gained 1.79 per cent to close Monday morning at 120.19 points.

More than 64 million shares were traded on the northern exchange, worth VND631 billion.

VNA

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