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Vietnam Daily Market Recap Dec 16

Daily Market Recap 16/12/2020    283

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Dear Valued Clients,

We would like to send you our Daily Market Recap for today

Market Commentary: The VN-INDEX regained yesterday loss by rising 1.1% on the back of Financials stocks

The VN-INDEX gained 11.8pts to close at 1,067.0pts in a recovery from strong selling pressure in the previous session. Today, Vietnam’s main stock index opened optimistically and took strong support from Financials’ large caps to stay at the green territory for the whole session. Specifically, VCB was the biggest supporter, rising 2.1% to VND99,900 and alone added 2.1pts to the index’s move, followed by other Financials stocks such as TCB (+6.9%), BID (+2.8%) and VPB (+4.3%). Market pillars from the Aviation sector also joined the rally and further strengthened the index’s gain, led by VJC (+2.5%) and HVN (+2.9%). On the down side, selling pressure forced very few stocks to fall, including APH (-3.9%), SSI (-1.8%), PLX (-0.4%), BHN (-1.3%), and HPX (-1.8%). At the end of the session, the VN-INDEX jumped 1.1% to settle at its intraday high of 1,067.0pts, and the HNX-INDEX also rose 2.2% to land at 171.6pts.

Financials (+2.4%), Industrials (+1.6%), and IT (+0.7%) rose, while only Health Care (-0.3%) lost ground today. Top index movers included VCB (+2.2%), TCB (+6.9%), BID (+2.8%), VPB (+4.3%), and MBB (+3.5%). Top index laggards consisted of APH (-3.9%), SSI (-1.8%), PLX (-0.4%), BHN (-1.3%), and HPX (-1.8%). Top three major put-through transactions were VND with 4m shares (VND90.9bn), BTT with 2m shares (VND77.6bn), FUESSVFL with 6m shares (VND73bn).

Foreigners net sold on HOSE to the amount of VND301bn, and also net sold on HNX to the amount of VND0.6bn. They mainly bought HPG (VND120.1bn), VNM (VND83.3bn), and FUESSVFL (VND73.0bn); and mainly sold HPG (VND203.7bn), VNM (VND101.4bn), and PAN (VND92.8bn).

Market News

Oil edges lower after report points to rising U.S. stockpiles

Oil slipped from its highest level in almost 10 months after an industry report pointed to an increase in U.S. crude stockpiles, taking some of the steam out of a vaccine and stimulus-driven rally. Futures dropped toward US$47 a barrel in New York after the American Petroleum Institute reported crude inventories climbed by 1.97m barrels last week, according to people familiar with the data. That would be a second weekly gain if confirmed by official government figures on Wednesday. (Bloomberg)

Vietnam needs more efforts to attract FDI into hi-tech farming

The Vietnamese government holds high hope for a green and safe agricultural sector that could be a driving force for growth just like the manufacturing and processing sector. As of late 2019, the amount of registered foreign direct investment (FDI) into Vietnam’s agro-forestry-fishery sector reached US$3.5bn, accounting for 0.97% of total FDI commitments and below the global average of 3%. Largest FDI contributors into Vietnam’s agriculture include Taiwan (China), British Virgin Islands, Singapore and Thailand, making up 50% of total foreign investment capital into the sector. Contrary to a modest foreign capital inflow into the sector, there has been a growing trend of domestic firms betting on the future of agriculture, especially in hi-tech farming, including Vinamilk, TH Truemilk, Thaco, Dabaco Vietnam, Masan, Lavifood, FLC, Ba Huan, among others. The government, meanwhile, should continue to create a predictable and favorable legal environment for investors in agriculture, especially in policies for land consolidation and investment in agricultural infrastructure. (Vietnamnet.vn)

Notable Corporate Events

Taseco Air Services JSC (AST VN, HOSE) – Business results: AST’s 2020 estimated revenue fell to VND365bn and estimated net loss VND54.4bn. AST claimed that the prolonged COVID-19 pandemic had directly affected its operation. Revenues at its subsidiaries including OceanView Danang, Taseco Van Don and Taseco Sai Gon sharply dropped. (Ndh.vn)

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