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Archive for the ‘Vietnam Stock Market’ Category

Slumping market erodes liquidity

In Vietnam Stock Market on January 22, 2010 at 10:49 am

The VN-Index, a measure of 199 companies and four closed-end funds listed on the Ho Chi Minh Stock Exchange, fell 0.83 points, or 0.17 percent, to 477.59 on January 22.


The market saw severely low liquidity, which had just recovered the previous day.


Of the index, 64 stocks gained, 89 fell, and 56 remained unchanged. More than 30 million shares, worth VND1.23 trillion changed hands.


Saigon Commercial Bank or Sacombank (STB), which was unchanged at VND22,400, was the most active stock in volume with more than 1.3 million shares traded.


Next were Vietnam Export Import Bank or Eximbank (EIB), which saw more than 1.17 million shares traded at 0.86 percent down from the previous day or VND22,800; and Saigon Securities Inc. (SSI), which had 1.1 million shares traded at VND83,000.  Vietnam’s largest brokerage edged up 1.22 percent.


Nam Viet Co. (NAV), which manufactures building materials, lost 5 percent to VND13,300. Mineral exploiter Hamico Group dropped 4.97 percent to VND42,100.


The northern market also stayed in the red as the HNX-Index slumped 0.04 percent, or 0.06 points, to close at 157.58.


Total trading volume reached more than 19.3 million shares, worth VND596.4 billion where 153 stocks advanced, 24 were unchanged, and 73 dropped.


The UPCoM-Index gained 0.59 percent, or 0.3 points, to 51.49. A total of 48,870 shares worth VND722.3 million were traded.


Source: SGGP Bookmark & Share

Stock market advances for fourth straight day

In Vietnam Stock Market on December 26, 2009 at 12:30 pm

The VN Index, a measure of 187 companies and four mutual funds listed on the Ho Chi Minh Stock Exchange, gained 5.51 points, 1.18 percent, to 470.75 on December 23.


It is the fourth straight advance of the index after falling to 434.87 points last weekend. However, slumping bank shares prevented the index from climbing higher.


On the index, 88 advanced, 70 fell, and 41 were unchanged with most blue-chips rallying.


Hanoi’s HNX-Index rose 3.75 points to close at 153.26. There were 119 gainers, 86 losers, and 39 remained unchanged. Trading value reached more than VND2.3 trillion.


Experts said the markets may remain high until the end of the year thanks to positive economic reports.


Source: SGGP Bookmark & Share

Securities taxes to take effect January 1

In Vietnam Stock Market on December 16, 2009 at 10:41 am

Provisions of the new Law on Personal Income Tax applicable to taxation of dividend income and capital gains on securities trading will take effect on January 1, said Vu Van Truong, director of the Ministry of Finance’s tax policy department.









The new taxes were suspended for all of 2009 as part of the Government’s stimulus package and to help sustain the stock market during the downturn.


Pursuant to the law, investors will have two options for paying the capital gains tax; either a flat 0.1 percent levy on the value of each securities transaction or a 20 percent tax on net capital gains during the tax year.


However, individuals opting to apply the 20 percent rate would still be temporarily charged the 0.1 percent levy on each securities transfer, Truong said.


“Most investors will opt for the 0.1 percent option due to the simple and transparent procedures for paying the tax with each transaction, as well as to avoid tedious and complicated formalities of tax computation and filing returns at the end of the year,” opined An Phat Securities Co general director Tran Thien Ha.


Tan Viet Securities Co deputy director Hoang Xuan Quyen predicted the tax would have little impact on the market as securities companies and investors have been aware it was coming since the end of last year.


Tax on securities trades will be collected by securities companies. Unlisted companies will be responsible for collecting the tax on behalf of their shareholders.


Source: SGGP Bookmark & Share

Stocks tumble as investors worry over news

In Vietnam Stock Market on December 9, 2009 at 1:41 pm

The VN Index, a measure of 187 companies and four mutual funds listed on the Ho Chi Minh Stock Exchange, fell 3.65 percent December 9 to the lowest since August 3.


The benchmark lost 17.84 points to finish at 470.63 as investors worried over a dearth of news.


On the index, eight advanced, 174 fell and nine were unchanged with most blue-chips dumped. Yet trading improved 37 percent in volume and 28 percent in value over Tuesday as more than 46 million shares worth VND1.8 trillion (US$98.4 million) changed hands.


Saigon Commercial Bank or Sacombank (STB) which gave up 4.58 percent to VND22,900 was the most active stock in volume with more than 4.34 million shares traded.


Next were Vietnam Export Import Bank or Eximbank (EIB) which had more than 3.14 million shares traded at 3.78 percent down from Tuesday or VND22,900, and Saigon Securities Inc. which had 2.27 million shares traded at VND73,500. Vietnam’s largest brokerage closed down 3.92 percent.


Vincom Joint Stock Co. (VIC), Vietnam’s biggest listed property company, fell 1.9 percent to VND103,000, the lowest since November 13. The company plans to sell an extra 160.37 million shares in the first quarter next year to raise its registered capital to VND3.6 trillion from VND1.99 trillion, it said in a statement filed on the exchange’s website.


Hoa Sen Group (HSG), which manufactures steel and plastic building products, dropped 4.8 percent to VND43,300. Ban Viet Securities Investment Fund plans to cut its entire stake in the company, according to a statement filed on the website. The fund will start selling 50,000 shares from December 10.


Overseas investors bought a net VND46 billion ($2.5 million) of stocks on the exchange Tuesday, increasing net investment so far this year to VND1.9 trillion, the exchange said on its website. In the whole of last year, investors bought VND5.8 trillion of shares.


The northern market also stayed in the red as the HNX-Index tumbled 4.81 percent, or 7.48 points, to 147.91. More than 18.7 million shares were traded at VND530 billion.


The UP-CoM Index dropped 1.86 percent to 57.57. A total of 50,247 shares worth VND762.25 million were traded.


In the US, stocks fell Tuesday as investors sought safety after concerns about spiraling debt loads and disappointing corporate reports tarnished hopes for an economic recovery. Traders turned away from stocks and put money into safe-haven assets like the dollar and Treasurys.


The Dow Jones industrial average fell 1 percent, to 10,285.97. The Standard & Poor’s 500 index fell 1 percent to 1,091.94 and the Nasdaq composite index fell 0.8 percent to 2,172.99.


 


Source: SGGP Bookmark & Share

VN-Index nearly unchanged

In Vietnam Stock Market on December 7, 2009 at 3:55 am

Vietnam’s benchmark VN-Index finished almost flat Friday adding 0.03 percent.


The index which tracks 187 companies and four closed-end funds on the Ho Chi Minh City Stock Exchange, gained 0.16 points to close at 494.96. Trade volume plunged to 34.84 million shares, worth VND1.47 trillion (US$80.4 million).


After the bell, there were 76 advancers on the index while 78 dropped and 37 were unchanged.


Sai Gon Garment Manufacturing Trade Co. (GMC) was the biggest winner on December 4 gaining the maximum 5 percent allowed to VND27,300.


The HCM City-based Thanh Cong Textile Garment Joint Stock Co. (TCM) also won 5 percent to VND18,900, followed by Sao Vang Rubber Joint Stock Co. in Hanoi, which closed up 4.92 percent at VND64,000.


Thanh Cong Company was also among the top most active shares in volume having 1.68 million shares traded.


It was ranked third on the city bourse after Saigon Commercial Bank or Sacombank (STB), which saw 3.14 million shares change hands at 1.19 percent down or VND25,000, and the unchanged Vietnam Export Import Bank or Eximbank (EIB) with nearly 1.84 million shares traded.


Binh Chanh Construction Investment Shareholding Co. (BCI), a real estate developer, recovered from its three-month low gaining 2.68 percent to VND57,500. Vice General Director Truong My Linh plans to cut her holding in the company to 4,200 shares from 19,200 shares, according to a statement on the exchange’s website. The sale starts December 8 and will wrap up by March 30.


Hoa Phat Group Joint Stock Co. (HPG), Vietnam’s biggest listed steel producer, fell 0.81 percent to VND61,500. VOF Investment Ltd. cut its stake in the company to 4.97 percent from 5.8 percent by selling 1.63 million shares, the company said on the website Thursday.


Licogi 16 Joint Stock Co. (LCG), a city-based builder and property developer, gained 0.68 percent to VND74,500. Vietnam’s largest brokerage Saigon Securities Inc. cut its stake in the company to 4.3 percent from 6.1 percent, according to a statement on the website Thursday. Saigon Securities now has 1.1 million Licogi 16 shares.


Hanoi’s HNX-Index also added little, finishing up 0.26 percent, or 0.42 points, at 159.39. Nearly 13 million shares were traded at VND442 billion.


The UP-CoM Index gave up 1.04 percent to 58.91. A total of VND719.35 million was spent trading 54.810 shares.


US stocks fell sharply as trading wound down Thursday, with traders worried about the next session’s release of the monthly jobs report. The Dow Jones Industrial Average fell 101 points to 10,351 while the S&P 500 was off 10 points at 1,099.


Source: SGGP Bookmark & Share

VN-Index down as investors rue loss of leverage

In Vietnam Stock Market on December 3, 2009 at 10:45 am

The VN-Index fell for the second straight day December 3 as sentiments remained low following news that the Government has called halt to the bank-loan subsidy program.


The index, which tracks 187 companies and four open-ended funds on the Ho Chi Minh City Stock Exchange, lost 0.87 percent or 4.34 points to close at 494.80. Around 42.37 million shares worth VND1.68 trillion (US$214.8 million) changed hands.


Declines outnumbered gains by 103 to 55, while 33 remained unchanged.


The fall was, however, less steep than on Wednesday when the index was the biggest loser globally with a fall of 3.1 percent after the government said it would wind up the program intended to boost consumption and reduce manufacturing costs on December 31.


“The withdrawal of leverage in the market …created some downward pressure,” Adrian Cundy, head of research at the Ho Chi Minh City-based VinaSecurities Joint Stock Co., the brokerage unit of the VinaCapital Group, was quoted by Bloomberg as saying.


The declines were led by 620 – Chau Thoi Concrete Corp. (BT6) based in Binh Duong Province which dipped by the maximum allowed limit of 5 percent to VND57,000.


Long An Province-based construction and real estate player Hoang Long Group fell 4.93 percent to VND28,900 and the city-based Seafood Joint Stock Co. (TS4) slid 4.88 percent to VND37,000.


Saigon Commercial Bank or Sacombank (STB) which finished flat at VND25,300 was the most active stock in volume as having nearly 5.2 million shares changing hands.


Vietnam Export Import Bank or Eximbank (EIB) came next with nearly 5 million shares traded at a 2.47 percent increase or VND24,900, followed by Saigon Securities Inc. (SSI) with 1.7 million shares. The country’s largest brokerage added 1.29 percent to VND78,500.


Hanoi’s HNX-Index lost 0.64 percent, or 1.02 points, to close at 160.12. More than 18.76 million shares were traded at VND645 billion.


The UP-CoM Index gained 0.32 percent to 56.60.


On the global market, the Nasdaq rose on Wednesday as strong online holiday sales boosted shares of retailers, including Amazon.com, and relieved some concerns about the consumer. The Dow Jones edged lower as falling oil prices prompted investors to sell energy shares.


Source: SGGP Bookmark & Share

Investors’ confidence keeps market high

In Vietnam Stock Market on December 2, 2009 at 5:12 am

Vietnam’s VN-Index, the benchmark measure of 186 companies excluding a newly listed one and four mutual funds on the Ho Chi Minh Stock Exchange, advanced for a third day, climbing 2.14 percent December 1.


The index closed at a four-day high of 514.92 as investors showed they were willing to buy. Trading became more active with nearly 43.3 million shares worth VND1.9 trillion (US$103.9 million) changing hands.


On the index, 161 stocks rose, 12 fell and 18 were unchanged.


Dinh Vu Port Investment and Development Joint Stock Co. (DVP) in northern Hai Phong City had 20 million shares traded at VND49,200 on its debut day, higher than its offered price of VND41,000. The listing raised the number of firms on the exchange to 187.


Other big gainers were Thien Nam Trading & Import-Export Corp. (TNA) in HCM City and Techno – Agricultural Supplying Joint Stock Co. (TSC) in the Mekong Delta city of Can Tho, both closing up by the maximum daily limit of 5 percent to VND21,000 and VND33,600 respectively.


The most active stock in volume was still Saigon Commercial Bank or Sacombank (STB) with 5.4 million shares traded at VND26,600, up 4.72 percent from Monday.


It was followed by the country’s largest brokerage, Saigon Securities Inc. (SSI), which had more than 2.12 million shares traded at a 4.49 percent increase over Monday or VND81,500, and Vietnam Securities Investment Fund (VFMVF1 or VF1) having 1.79 million shares traded. The country’s first equity fund added 4.46 percent to VND16,400.


Ho Chi Minh City Securities Corp. (HCM), a stock brokerage, rose 4.76 percent to VND77,000. The company recovered from Monday, saying Dragon Capital Markets Ltd. will start buying 395,000 shares in the brokerage from December 1 to raise its holding to 12.62 million shares, or 31.97 percent, according to a statement on the bourse’s website.


Vietnam-Italy Steel Joint Stock Co. (VIS) gained after falling for seven consecutive sessions, rising 4.55 percent to VND80,500. The steel maker’s net profit dropped to VND61.2 billion in the third quarter, from 103 billion in the second quarter after production fell by 8 percent and sales slowed by 6.2 percent, according to a company statement on the exchange’s website.


Huu Lien Asia Corp. (HLA VN), also recovered from seven losing days in a row, adding 4.79 percent to VND30,600. BIDV Financial Investment Joint Stock Co. on Monday said it will halve its stake in the HCM City-based steel pipe maker.


Hanoi’s HNX-Index rose 6.84 points, or 4.23 percent, to close at 168.69. More than 21 million shares worth VND722 billion changed hands.


The UP-CoM Index dropped 0.91 percent to 57.45. A total of 100,380 shares were traded at VND1.16 billion.


On the global market, major stock indexes including the Dow Jones industrials, the Standard & Poor’s 500 and The Nasdaq composite index closed up Monday extending the US market’s November gain to the monthly biggest since July – 6.5 percent for the Dow and 4.9 percent for Nasdaq.


The market gained as investors shook off worries about the strength of holiday sales and Dubai’s financial problems, AP said.


Source: SGGP Bookmark & Share

Bulls return to Vietnam markets

In Vietnam Stock Market on November 30, 2009 at 10:13 am

The Ho Chi Minh Stock Exchange recovered Monday, gaining 2.75 percent or 13.5 points, as Asian stocks and currencies gained after the United Arab Emirates pledged support for its banks.


The benchmark VN-Index index finished at 504.12, rather close to the session high. But with investors remaining cautious, the trading volume was only around 38.5 million shares worth VND1.63 trillion (US$90.9 million).


There were 131 gainers and 32 losers while 27 remained unchanged.


The biggest gainer was Vietnam’s largest battery maker Dry Cell and Storage Battery Co., or Pinaco (PAC), which rose by the maximum allowed 5 percent to VND105,000. Others to rise by 5 percent included HCM City-based BaoMinh Insurance Corp. (BMI) which rose to VND23,100, and Ho Chi Minh City Securities Corp. (HCM) which closed at VND73,500.


Banking, real estate, and construction stocks enjoyed robust trading.


Saigon Commercial Bank, or Sacombank (STB), was the most active stock by volume, with nearly 4 million shares changing hands at VND25,400, or 4.96 percent up from Friday’s close.


It was followed by Saigon Securities Inc. (SSI) which saw 1.77 million shares traded. Vietnam’s largest brokerage added 4.7 percent to close at VND78,000.


The Hanoi market also saw a bullish trend as the HNX-Index closed up 4.14 percent at 161.85. The trading value topped VND699 billion as volumes clocked 21.75 million.


In Asia, Japanese stocks were among those up sharply on speculation the impact from Dubai World’s request to delay debt payments will be limited and the yen stopped hardening.


Source: SGGP Bookmark & Share

VN stock market to see trade settlement reduced

In Vietnam Stock Market on November 30, 2009 at 10:13 am








(Photo: SGGP)

Sai Gon Giai Phong Daily spoke with Nguyen Son, head of the Market Development Department about a recent announcement that beginning in December, securities firms will have to stop authorizing customers to sell or borrow before the T+4 trade settlement, where T denotes the transaction date.


Mr. Son said he considers this measure an effective solution to correct recent market infringements and ensure equality between firms and customers.


SGGP: Could you please explain why this correction hasn’t been implemented earlier?


Mr. Nguyen Son: After a periodic inspection, the State Securities Commission (SSC) found some securities firms were allowing their customers to sell holdings earlier than the standard settlement time, which is against the Securities Law.


Earlier, the commission warned firms to obey the law and continue to check T+ transactions. It has now ordered securities firms to stop such violations while waiting for the Ministry of Finance to issue new instructions for stock transactions.


It will investigate the infringements and report to the ministry to decide on a solution.


Obviously, there is a need to reduce trade settlement times. Do you think that it’s time to apply a shorter trade settlement on Vietnam’s stock market?


The SSC drafted a circular for transaction instructions, which allows investors to open many trading accounts and buy or sell same stock the same day. It also gives investors permission to sell the shares they bought on day T+2 and T+3 which means immediately after the Vietnam Securities Depository (VSD) cross-checks with market members.


The circular has been presented to the ministry for consideration. It will be applied at the beginning of next year if the ministry approves it.
 
Which requirements do you think Vietnam’s stock market needs to reduce trade settlement times?


The settlement currently finishes at 3pm on day T+3. Investors will receive shares and money in the morning when the trade settlement is reduced.


Technology plays an important role in reducing payment of stock transactions. The VSD has set up a new system and tested it. It plans to use this system by the end of the year. However, reducing the settlement not only requires effort from the VSD but also from market members.


Thank you!


Source: SGGP Bookmark & Share

Market falls as investors track bearish global trend

In Vietnam Stock Market on November 20, 2009 at 10:50 am

Vietnam’s benchmark VN-Index, which now tracks 186 companies and four mutual funds on the Ho Chi Minh Stock Exchange, lost 0.75 percent or 4.21 points Friday induced by a bearish global market.


The index finished at 555.84 as trade volume dropped by 20 percent over Thursday. More than 53.2 million shares worth nearly VND2.67 trillion (US$149.4 million) changed hands.


Shares zigzagged several times during the session and most performed well until the first half before investors rushed to dump stocks. Among the index members, declines outnumbered gains by 127 to 38 and 21 shares were unchanged. Most blue-chips closed down.


Minh Phu Seafood Joint Stock Co. in the Mekong Delta Ca Mau Province was the biggest loser November 20, followed by Taya (Vietnam) Electric Wire and Cable Joint Stock Co. (TYA) in Dong Nai Province neighboring the city and the city-based Thanh Cong Textile Garment Investment Trading Joint Stock Co. (TCM).


The top three active stocks in volume saw Saigon Securities Inc. (SSI) top the list with more than 2.73 million shares traded on the city bourse. The country’s largest brokerage based in HCM City slid 1.12 percent to VND88,500.


Petrovietnam Transportation Corp. (PVT) in HCM City, which gained 4.89 percent to VND19,300, was next having more than 2.42 million shares traded, followed by Saigon Commercial Bank or Sacombank (STB) which saw 1.94 million shares change hands at VND27,200, down 0.73 percent over Thursday.


After the bell, petrol stocks saw robust growth as An Pha SG Petrol Joint Stock Co. (ASP), the bourse’s biggest listed liquefied petroleum gas importer and trader, rose 4.65 percent to VND17,200. The company has raised VND100 billion ($5.6 million) by selling 1 million five-year convertible bonds through private placement, it said in a statement filed on the exchange website Thursday.


Dong Phu Rubber Joint Stock Co. (DPR), Vietnam’s third-largest listed producer, dropped 0.83 percent to VND60,500 after reaching the highest since October 29 the day earlier. Rubber on Thursday climbed to the highest level in almost 14 months after shippers in Thailand, the world’s largest producer, raised prices to foreign buyers as heavy rain curbed output.


Tan Tao Investment Industry Corp. (ITA) lost 2.56 percent to VND42,900. The city-based company is going to list an extra 2.1 million shares on the exchange, according to a statement filed on the exchange website Friday.


Hanoi’s HNX-Index also stayed in the red, falling to 184.79, down 0.89 points or 0.48 percent. Around 24.4 million shares worth VND 986 billion changed hands.


UP-CoM index didn’t perform any better tumbling 1.56 percent or 1.02 points to 64.44. A total of 62,230 shares were traded at VND809.5 million.


In the US, signs of a subdued economic recovery sent investors out of stocks Thursday and in search of safer assets like the dollar. Major indexes including the Dow Jones industrial average tumbled about 1 percent. Energy and material stocks logged the biggest losses as a jump in the dollar sent commodity prices tumbling. Meanwhile, an analyst’s downgrade of the chip industry pulled technology shares sharply lower.


As stocks fell, investors flocked to the dollar and Treasurys.


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