VN-Index plunges 96 points this week
Vietnam’s benchmark VN-Index closed this week at 1,036 points amid a bearish market, 96 points lower than the end of last week.
Large caps like VCB, MSN, BID, HPG, and TCB of Vietcombank, Masan, BIDV, Hoa Phat Group, and Techcombank have made the most negative impacts this week.
In the opposite direction, VHM of Vinhomes and VIC of its parent company Vingroup had the most positive influences as the duo contributed almost nine points to the index, which represents the Ho Chi Minh Stock Exchange (HoSE).
The group of banking stocks dropped 11.8% in value, pressing the market down. VCB of Vietcombank went down 8.9% against last week, CTG of Vietinbank down 14%, BID of BIDV down 13.9%, TCB of Techcombank decreased by 16.2%.
However, Eximbank’s EIB bucked the trend, increasing by 8.77%.
Foreign investors continued to be net sellers on both HoSE and the Hanoi Stock Exchange (HNX). On top of this investing group’s net selling list was HPG (33 million shares net sold), followed by STB of Sacombank (20.2 million shares) and DXG of Dat Xanh Group with 7.7 million shares.
On the contrary, FUEVFVND of the exchange-traded fund DCVFMVN Diamond was the most net bought, with 7.6 million fund certificates.
Commenting on this week’s changes, broker Saigon-Hanoi Securities (SHS) says this downtrend and market sentiment are quite similar to those in the week in March 2020 with the deepest declines.
Therefore, it is expected that the Vietnamese stock market would gradually diversify, and risk-off withdrawals would ease over the next one or two weeks, with the index in the range of 1,000-1,030 points, which was the support area of the price peak in 2019.
Vietcombank Securities (VCBS) forecast that the VN-Index, which was already below 1,050 points this week, may keep going down. The brokers say the index is heading toward the area around 995 points. In a worse situation, the area of 900 points should be taken into account. VCBS recommends investors not rapidly catch the bottom.
From a cautious perspective, BIDV Securities has two scenarios for the index this month - increasing to 1,180 points or falling to 1,000 points.
Meanwhile, the analysis team of Saigon Securities Inc. Research believes that the movement of the index in October will be determined by the important observation area of 1,100 points. If it can maintain stability above this zone, it is likely that VN-Index will form a recovery span with a target area of 1,142 - 1,150 points, which was July’s short-term bottom. On the contrary, if below 1,100 points, the index may find a balance point and recover from the hard support background of 1,025 – 1,000 points.
- Read More
Central Vietnam province plans to build $2.4 bln LNG power plant from 2031
The 4,800-MW Chan May LNG power plant, with an investment of $2.4 billion, can be deployed in 2031-2035, according to Thua Thien Hue authorities.
Energy - Thu, November 21, 2024 | 10:41 pm GMT+7
Indonesia, France step up cooperation in economy, defence
Indonesian President Prabowo Subianto discussed economic and defence cooperation during a bilateral meeting on Tuesday with French President Emmanuel Macron on the sidelines of the G20 Summit in Rio de Janeiro, Brazil, Antara reported.
Southeast Asia - Thu, November 21, 2024 | 10:25 pm GMT+7
Thai economy to maintain upward momentum in 2025
The National Economic and Social Development Council of Thailand (NESDC) expects the Thai economy to sustain its upward momentum in 2025 with a growth of 2.3-3.3% despite growing risks.
Southeast Asia - Thu, November 21, 2024 | 10:24 pm GMT+7
Former parliament chairman Vuong Dinh Hue warned for violations
The Politburo, Vietnam's supreme decision making body, on Wednesday issued warnings to Vuong Dinh Hue, former Chairman of the National Assembly, and Nguyen Van The, former Minister of Transport, for violations while on duties.
Politics - Thu, November 21, 2024 | 10:10 pm GMT+7
Sumitomo insists on building LNG power plant in central Vietnam
Japanese trading house Sumitomo has been pushing for a liquefied natural gas (LNG)-fed power plant investment in Vietnam’s central province of Khanh Hoa.
Energy - Thu, November 21, 2024 | 8:53 pm GMT+7
Vietnam’s Vinhomes fulfils 67% of record buyback plan
Vinhomes, the housing development arm of conglomerate Vingroup, has purchased back 246.98 million shares, meeting 66.75% of the plan and accounting for 5.7% of the outstanding volume.
Finance - Thu, November 21, 2024 | 8:43 pm GMT+7
Vietnam high-speed railway should run beyond Hanoi, HCMC on either side: lawmakers
Vietnam’s mega North-South high-speed railway project should be redesigned and extended beyond Hanoi and Ho Chi Minh City as currently planned, several lawmakers have suggested.
Infrastructure - Thu, November 21, 2024 | 6:11 pm GMT+7
Vietnam-Malaysia relationship upgraded to comprehensive strategic partnership
Vietnam and Malaysia have upgraded their relationship to a comprehensive strategic partnership, the highest level in the former’s diplomatic hierarchy.
Politics - Thu, November 21, 2024 | 5:21 pm GMT+7
Petrovietnam units sign LNG supply deal for trial run of Vietnam’s first LNG power plants
PV Power and PV Gas, two units of state-owned Petrovietnam, have signed an LNG supply deal for trial operation of Nhon Trach 3 and Nhon Trach 4, Vietnam’s first LNG-to-power plants.
Energy - Thu, November 21, 2024 | 4:40 pm GMT+7
Sufficient first phase funds ensured for Vietnam’s new mega airport: transport minister
Minister of Transport Nguyen Van Thang affirmed Wednesday that funding would be secured for building the Long Thanh International Airport, set to become Vietnam’s biggest.
Infrastructure - Thu, November 21, 2024 | 3:53 pm GMT+7
Bamboo Capital wins kudos for transparent reports, good governance
Vietnamese private conglomerate Bamboo Capital Group has been honored as a Top 20 business with the Best Annual Report and the Best AGM Organization at the 2024 Vietnam Listed Company Awards (VLCA).
Bamboo Capital - Thu, November 21, 2024 | 3:37 pm GMT+7
VAFIE to organize workshop on amendments to horse racing, football betting rules
The Vietnam’s Association of Foreign Invested Enterprises (VAFIE) and The Investor will organize a workshop on suggestions to amend the government’s Decree 06 on horse racing, greyhound racing and international football betting services.
Economy - Thu, November 21, 2024 | 2:38 pm GMT+7
Vietnam Politburo okays international, regional financial centers in HCMC, Danang
Vietnam’s highest decision-making body, the Politburo, has greenlighted the establishment of an international financial center in Ho Chi Minh City and a regional financial center in the central city of Danang.
Economy - Thu, November 21, 2024 | 1:50 pm GMT+7
Singapore's Platinum Victory seeks to gain veto at Vietnam’s REE
Singaporean fund Platinum Victory Pte. Ltd. has registered to buy more shares of Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (REE) to achieve the vetoing power in the latter.
Finance - Thu, November 21, 2024 | 11:29 am GMT+7
Posco keen on investing in Vietnam's $2.2 bln LNG power project
South Korea’s steelmaker Posco is eyeing to invest in the $2.2 billion Quynh Lap LNG-fired power plant project in Vietnam’s central province of Nghe An.
Energy - Thu, November 21, 2024 | 10:42 am GMT+7
Vietnam firm Hoa Lam to build $212 mln Aeon Mall in Mekong Delta
The Mekong Delta city of Can Tho has accepted a subsidiary of private multi-sector Hoa Lam Group as the investor of the Aeon Mall Can Tho commerce and service center.
Industries - Thu, November 21, 2024 | 10:31 am 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?