The VN-Index climbed 0.47 percent to 939.76 points Wednesday, with non-blue chips driving the gains.
The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, this session saw 297 stocks gain and 119 lose. Total trading volume went up by more than 10 percent over the previous session to VND7.04 trillion ($302.93 million).
The VN30-Index for the market’s 30 biggest caps rose 0.37 percent, but accounted for less than half the total trading volume, indicating that demand for non-blue chips drove gains this session. On the VN30, 19 stocks gained and 6 lost.
Private banks were some of the best gainers this session. HDB of HDBank rose 3.5 percent, VPB of VPBank, 1 percent, TCB of Techcombank, 0.7 percent and STB of Sacombank, 0.4 percent. EIB of Eximbank was the sole loser in the segment, down 0.3 percent.
The state-owned banking sector performed similarly. Of Vietnam’s three biggest lenders by assets, CTG of VietinBank added 1.3 percent, BID of BIDV, 0.9 percent and VCB of Vietcombank kept its opening price. MBB of mid-sized Military Bank gained 1.1 percent.
Oil and gas stocks were also among the gainers. GAS of energy giant PetroVietnam Gas climbed 2.4 percent, POW of electricity generator PetroVietnam Power, 1.4 percent, and PLX of Petroleum distributor Petrolimex, 1 percent.
Other major gainers included VRE of mall operator Vincom Retail, up 1.6 percent, TCH of truck dealer Hoang Huy Group 1.1 percent, and PNJ of jewelry retailer Phu Nhuan Jewelry, 1 percent.
In the opposite direction, VIC of private conglomerate Vingroup, HoSE’s biggest cap, topped losses with 0.9 percent.
It was followed by REE of appliances maker Refrigeration Electrical Engineering, down 0.7 percent, MWG of electronics retailer Mobile World, down 0.4 percent, and HPG of steelmaker Hoa Phat Group, down 0.2 percent.
The positive movements on the VN-Index were similar to growth in other Asian stock markets, considered by analysts as less volatile compared to U.S. or European stock markets as the world braces for the U.S. presidential election results.
Indices of Asia Pacific’s biggest equity markets were mostly in the green. China’s Shanghai Composite was up 0.19 percent, Japan’s Nikkei 225 surged 1.72 percent, South Korea’s KOSPI grew 0.6 percent, while Hong Kong’s Hang Seng Index was one of the few that dipped, down by 0.19 percent.
“Asia has become a safe haven” as the pandemic has worsened in other regions, and China is recovering, Jian Shi Cortesi, a fund manager at Zurich headquartered asset management firm GAM Investment Management, told The Economic Times.
Meanwhile, the HNX-Index for the Hanoi Stock Exchange, home to mid- and small-caps, was up 1.05 percent, and the UPCoM-Index for the Unlisted Companies Market gained 0.57 percent.
Foreign investors continued to be net sellers this session to the tune of over VND627 billion on all three bourses. The most net sold stocks were HPG of steelmaker Hoa Phat Group and VRE of Vincom Retail.