Morning session positive as regional markets do well.
The first trading session of the week on Vietnam’s stock market opened amid positive signs from regional markets. The Shanghai Composite Index and Hangsheng Index rose sharply, while the Kospi and Nikkei225 rebounded to their reference level after a sharp fall early on, which gave domestic investors confidence and provided momentum.
Petroleum stocks such as GAS, PVS, PVD, BSR and PVB attracted good cash flows thanks to a recovery in oil prices after more than a week of corrections, in addition to good third quarter business results.
Textile stocks like TNG, EVE, GIL and VGT also gained quite well, while TCM was sold aggressively and fell to its floor due to concerns among investors about US customers going bankrupt.
Bank stocks such as ACB, BID, CTG, MBB, VPB, HDB and TPB also performed well, helping the market become stronger. SKG rose after three consecutive sessions of decline.
At 10am, the VN-Index had increased 4.17 points (0.44 per cent) to 962.49 points, the HNX-Index 0.54 points (0.5 per cent) to 108.65 points, and UPCoM-Index 0.541 per cent to 52.69 points. Market liquidity remained low, however, with an order matching value of VND850 billion ($3.4 million), indicating that investors remain cautious.
This week will continue to see third quarter business results released. According to local securities companies, such results will be largely positive though uneven. Businesses not posting positive results will be under pressure, as VCS and SKG were last week.
The stock market has been greatly influenced by events in international market in recent times. Strained relations such as those between the US and China make it difficult to determine if or by how much the local market will fluctuate. Vietnam’s macroeconomic indicators are still positive, which together with major businesses announcing good third quarter results should provide support to the market.
Van Hai report on Vneconomictimes
