VN-Index loses 42 points this week, could lose more
Vietnam’s benchmark VN-Index lost more than 42 points to 1,019.82 this week, and the decline is expected to widen next week.
The market’s trading value continued to slide as well. VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), started the week with a decrease of nearly 11 points and regained over 12 points in the next session before suddenly plummeting on panic sell-offs in the week-ending session.
Strong selling pressure Friday stole over 43 points at a time, driving the index to the 1,013-point territory as sellers far outnumbered buyers.
Closing the October 17-21 trading week, VN-Index lost 42.03 points or 3.96% to 1,019.82 while HNX-Index on the Hanoi bourse dropped 8.47 points or 4.6% to 217.41.
The trading value on the HoSE fell by 18.8% from the previous week to VND50,972 billion ($2.05 billion), corresponding to a decrease of 18.3% in trading volume to 2,376 million shares.
Meanwhile, the Hanoi Stock Exchange (HNX) saw trading value up 4.7% to VND4,971 billion ($200 million) but trading volume down 6.7% to 280 million shares.
VHM of real estate developer Vinhomes, HPG of steel maker Hoa Phat, VIC of Vingroup, TCB of Techcombank and MWG of Mobile World Investment Corporation had the most negative impacts on the VN-Index.
On the other side were VNM of Vinamilk, SAB of brewer Sabeco, DHG of DHG Pharmaceutical JSC and REE of Refrigeration Electrical Engineering Corporation.
Foreign investors were net sellers on the HoSE and net buyers on the HNX, with a total net purchasing value of VND24 billion ($970,000). VNM recorded the biggest net purchase with 4.3 million shares, followed by NKG of Nam Kim Steel JSC and DCM of Petrovietnam Camau Fertilizer JSC with 2.9 million shares and 2.7 million share, respectively. On the other side, HPG saw the biggest net selling with 34.8 million shares.
Meanwhile, businesses that traded proprietary shares net-sold more than VND130 billion ($5.23 million) on the HoSE, mostly selling PNJ of Phu Nhuan Jewelry JSC and ETF fund E1VFVN30.
According to Hoang Cong Tuan, chief economist at MB Securities JSC (MBS), this is a good time to invest in the stock market but investors should avoid margin trading.
"Investors should not be too panicky and closely observe the 1,000-point territory to put down money," Tuan said.
Meanwhile, Do Hoang Quan, E-Broker director at VPS Securities, advised investors not to buy stocks at this time as the market might continue to plunge, with three pillar sectors - banking, securities and steel - likely to drop to their old bottom or further.
In their report, analysts of Saigon-Hanoi Securities JSC (SHS) said that the bond market’s negative developments have resulted in strong sell-offs of financial, banking and real estate stocks.
As the market does not show signs of short or medium term improvement, investors need to maintain a reasonable proportion of shares in their investment portfolio. They should choose stocks of companies with good business performance with attractive prices, the analysts advised.
The Vietcombank Securities Company (VCBS) recommended that investors actively raise the proportion of cash, patiently wait for the market to find equilibrium and limit early bottom-fishing as VN-Index may go down past the 1,000-point mark in the short term and maintain the downtrend in the medium term.
- Read More
Fed rate cuts, upgrading efforts to lure foreign investors back into Vietnam stock market: VinaCapital
The U.S. Fed’s rate cut cycle and the Vietnamese government’s fresh efforts to upgrade the local stock market status are likely to bring foreign investors back into the stock market next year, according to VinaCapital.
Finance - Mon, November 4, 2024 | 11:42 am GMT+7
Foxconn’s subsidiary Shunsin to invest $80 mln in northern Vietnam to produce integrated circuits
Shunsin Technology (Bac Giang, Vietnam) Limited, a subsidiary of Taiwanese giant Foxconn, will invest $80 million in Vietnam’s northern province of Bac Giang to produce integrated circuits (IC).
Industries - Mon, November 4, 2024 | 10:44 am GMT+7
Q3 earnings of Vietnam’s listed firms up 21.6%: FiinGroup
Net profits of listed companies in Vietnam increased 21.6% year-on-year in the third quarter of this year, maintaining a stable growth rate since the start of this year, according to local financial data provider FiinGroup.
Finance - Mon, November 4, 2024 | 9:31 am GMT+7
Thailand SCG’s revenue in Vietnam up 15% to $1.1 bln in Jan-Sept
Thailand’s Siam Cement Group (SCG) recorded a revenue of THB36.71 billion ($1.08 billion) in Vietnam in the first nine months of this year, up 14.7% year-on-year.
Companies - Mon, November 4, 2024 | 8:00 am GMT+7
Nghiem Xuan Thanh appointed Party chief of Khanh Hoa province
Nghiem Xuan Thanh, Party chief of Hau Giang province, was appointed by the Politburo, the country’s supreme decision-making body, to be Khanh Hoa province’s Party chief for the 2020-2025 term.
Politics - Sun, November 3, 2024 | 7:45 pm GMT+7
Thailand seeks FTA negotiations with Eurasian Economic Union
Thailand is holding talks with Russia to expedite negotiations for a free trade agreement (FTA) with the Eurasian Economic Union (EAEU).
Southeast Asia - Sun, November 3, 2024 | 7:20 pm GMT+7
Indonesia attracts foreign investment in technology sector
As many as 19 Australian companies have expressed an interest in investing in Indonesia's technology sector, Communication and Digital Affairs Minister Meutya Hafid said on Thursday.
Southeast Asia - Sun, November 3, 2024 | 7:18 pm GMT+7
Robots work hard, don’t argue: Viettel exec counsels effective use of technology
Small businesses in logistics should look to use existing tools, software and technology solutions effectively, says Dinh Thanh Son, deputy CEO of Viettel Post.
Companies - Sun, November 3, 2024 | 4:30 pm GMT+7
Vietnamese multi-sector group Masan uses AI to forecast product sales: executive
AI has helped Masan Group forecast the number of items likely to be sold during peak season based on available data and to optimize product placement, says An Luong, head of the corporation’s artificial intelligence & data science division.
Companies - Sun, November 3, 2024 | 2:51 pm GMT+7
Vietnam needs large, specialized logistics centers to compete better: official
Vietnam needs large-scale, specialized logistics centers that will enable greater competitiveness of local economies and enterprises, says Tran Thanh Hai, deputy head of the Ministry of Industry and Trade's agency of foreign trade.
Economy - Sun, November 3, 2024 | 11:00 am GMT+7
Vietnam manufacturing sector sees 35% increase in Q3 job orders: Adecco
Vietnam’s manufacturing and sourcing sectors saw a substantial 35% year-on-year increase and a 52% quarter-on-quarter increase in Q3/2024 job orders, global workforce solutions provider Adecco said in a reseach report released Thursday.
Economy - Sun, November 3, 2024 | 9:00 am GMT+7
Construction majors to continue capitalizing on public investment projects
Vietnamese construction giants are expected to continue capitalizing on public investment projects for the remainder of this year after delivering strong performances in the third quarter, analysts say.
Companies - Sun, November 3, 2024 | 8:00 am GMT+7
Former Government Office chairman receives $7,900 bribe from property project
Mai Tien Dung, former Minister-Government Office Chairman, received a bribe worth VND200 million ($7,900) from Nguyen Cao Tri, owner of the Dai Ninh eco-resort and urban area project in Lam Dong province.
Society - Sat, November 2, 2024 | 9:13 pm GMT+7
Thai food giant CP enters public-private partnership to promote food system transformation
Thai-invested C.P. Vietnam Livestock JSC and the Partnership for Sustainable Agriculture Vietnam (PSAV) signed a memorandum of understanding Friday on working together to advance sustainable agriculture in the country.
Companies - Sat, November 2, 2024 | 7:16 pm GMT+7
Central Vietnam province Quang Ngai to begin work on new VSIP industrial park next year
Vietnam’s central province of Quang Ngai will work with the investor to have construction of VSIP II Quang Ngai, a facility based on the Vietnam-Singapore Industrial Park (VSIP) model, begin in August 2025.
Industrial real estate - Sat, November 2, 2024 | 3:47 pm GMT+7
Vietnam likely to grow 6.5% in 2024-2025: VinaCapital
VinaCapital, among the biggest foreign-run asset managers in Vietnam, has forecast the country’s economy to achieve 6.5% growth in both 2024 and 2025, with the composition of the expansion to change to more domestically driven factors next year.
Economy - Sat, November 2, 2024 | 2:00 pm GMT+7
- Consulting
-
Remove roadblocks to lure foreign investment into Vietnam: HSBC exec
-
Rethinking resilience: How typhoon Yagi redefines supply chain strategies in northern Vietnam
-
In trade and investment, ASEAN and China are better together
-
AI can be a game changer for Vietnam tourism
-
Investment opportunities in LNG-to-power projects in Vietnam
-
Pepper prices 2024: will the dream of 'black gold' repeat?