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However, trade on the HCMC bourse declined strongly. Trade volume slumped 12% at 162.4 million shares and value slid 26% at VND3.3 trillion. Block deals remained significant, at 59.6 million shares valued at VND1.2 trillion.
Notably, petroleum stocks like PVD, PVB, PLX and GAS advanced although global oil prices edged down further on Monday due to rising trade tensions between the United States and Mexico, and between the United States and China. According to vietstock.vn, Brent crude oil futures prices slipped 1.2% to US$$61.28 a barrel and the U.S. West Texas Intermediate (WTI) crude futures dropped 0.5% to US$53.25 a barrel.
Among small and speculative stocks, real estate company FLC led the market by liquidity with around seven million shares changing hands, down 2.2% at VND4,350.
For the Hanoi Stock Exchange, the HNX-Index lost for the third consecutive day, dipping 0.22% to close at 103.06 points. There were 17.2 million shares worth VND222 billion changing hands at the end of the day, down 45% and 27% against the session earlier, respectively.
Only three stocks reported matching volume from one million shares, in which petroleum technical service firm PVS, which gained 0.5% at VND21,500, took the lead by volume with 2.1 million shares traded. Lender SHB came in second with around two million shares transacted, moving flat at VND7,000, followed by securities firm SHS with over 1.1 million shares changing hands.
Most securities firms said that today’s VN-Index rally was a technical rather than sustainable one. Investors still shun the market due to the lack of supporting information, resulting in lower-than-expected trade on the two exchanges.
BIDV Securities Company said in a report that investors remained pessimistic given continued uncertainties of the global economy and equity markets, especially an escalating United States-China trade war. Investors and analysts expressed concern that the trade tensions would lead to a global economic slowdown.
FPT Securities Company said the recovery may be short-lived, lasting in just one or two sessions, before correcting further towards the end of the week. There was little chance of the market bouncing back sharply in near term if no stock trade improvement is in sight.