Stocks kick off July by hitting fresh peak
The VN-Index started July on a positive note, gaining six tenths of a percent on Thursday to close at a new all-time high of 1,417.08 as trading turnover on HOSE jumped to USD1.13bn — the highest level since June 9.
- VPB (+4.0%) was the day’s top contributing gainer. In addition, fellow bank HDB (+2.7%) advanced to a three-year high.
- MSN (+2.7%) increased for the second day in a row following news that it increased its stake in its subsidiary The CrownX.
- GVR (+4.0%) and HPG (+2.5%) both snapped two-day losing streaks.
- Securities firms SSI (+4.5%), VCI (+4.2%) and HCM (+5.8%) experienced strong gains.
Firms scale back business activities due to latest wave of COVID-19
According to IHS Markit, the Vietnam Manufacturing Purchasing Managers’ Index (PMI) plummeted to 44.1 in June from 53.1 in May, indicating the greatest contraction in business conditions in over a year and ending a six-month run of expansion. Output and new orders saw the sharpest reductions in more than a year. Furthermore, reduced workloads forced firms to cut employee numbers and purchasing activities.
Business conditions of the manufacturing sector could remain weak in the coming month due to rising COVID-19 cases in southern provinces. However, two northern industrial provinces — Bac Giang and Bac Ninh — plan to get back to the new normal from July 10 as the situation there is now under control.
This positive development could help to curb the negative impact on the manufacturing sector caused by social distancing measures in factories in HCMC, Binh Duong and Dong Nai, according to a report by VCSC.
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