Stock rallies for a fourth consecutive day as Vietnam restarts the economy

The VN-Index made the fourth straight surging day to over 813 points, with additional 17.19 points, or 2.16 percent, its highest since March 11 this year, according to exchange data.

Despite foreign investors continued to net sell since the beginning of May, domestic investors still pumped into the market after the government acted to recover the economy, helping large-cap stocks to increase sharply, including Techcombank share hitting ceiling price, at 6.8 percent, VPBank share surging 6.5 percent, and HDBank 5.2 percent.

Foreign investor net sell, excluding major M&A deals, had mostly ranged between $12.87 million and $30 million in these sessions, but had slowed down to around $5.58 million in the three sessions preceding this one.

Trading volume on the exchange, home to medium and large-caps, skyrocketed to yet another monthly high at $302 million, almost double that of last month’s average of $180 million. The liquidity was double that of the previous session, VnExpress cited exchange data.

Vietnam has removed social distancing regulations in most of areas and allowed the non-essential service establishments, except for clubs and karaoke parlors. The government targets 2020 GDP growth at 5%.  

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