Vietnam Daily Market Recap Dec 25
Daily Market Recap 25/12/2020 198
Dear Valued Clients,
We would like to send you our Daily Market Recap for today
Market Commentary: The VN-INDEX regained 16.9pts to end at 1,084.4pts
The VN-INDEX rose 1.6% to 1,084.4pts on the back of Financials and other large caps. After slightly edging down to today’s intraday low of 1,061.8pts (-0.4%) at the opening bell, the VN-INDEX stayed in the green throughout today’s session. Notably, GVR (+7.0%) reached its ceiling price of VND29,100 and became today’s largest mover, alone adding 2.1pts to the index. Other Financials large caps also joined the rally, led by TCB (+5.7%), BID (+2.4%) and CTG (+2.2%). On the other hand, PDR (-2.0%) and MSN (-0.2%) became today’s largest laggards, eroding only 0.7pts of the index. As strong buy dominated, the VN-INDEX stayed in the green and rose 1.6% to close at 1,084.4pts at the end of the session. The HNX-INDEX also climbed 2.6% to 192.5pts.
All sectors rose today, led by Financials (+2.4%), Materials (+1.7%), and Industrials (+1.7%). Top index movers included GVR (+7.0%), TCB (+5.7%), BID (+2.4%), VHM (+1.5%), and CTG (+2.2%). Top index laggards consisted of PDR (-2.0%), MSN (-0.2%), GEX (-1.7%), TDP (-6.9%), and BCM (-0.2%).
Russia’s Novak Backs further OPEC+ oil-output hike in February
Russia plans to support a further gradual increase in OPEC+ production at the next meeting in January, because crude prices are within an optimal range. “To restore our output, that we’ve reduced a lot, the price range of US$45 to US$55 a barrel is the most optimal,” Deputy Prime Minister Alexander Novak told reporters in Moscow. “Otherwise we’ll never restore production, others will restore it.” (Bloomberg)
Vietnam maintains close cooperation with US to prosper
Vietnam is working to build a stable and transparent investment and business environment, thus becoming a destination for international human and capital resources, so it would be unreasonable for the country to devalue its currency. They made the affirmation following the US Treasury Department’s labelling of Vietnam as a currency manipulator. Regarding the large trade surplus with the US, Phuoc, who is also a former head of the Foreign Exchange Management Department at the State Bank of Vietnam (SBV), said the country’s trade activities in the past three decades reflect its transition process to a market-oriented economy, with the distinguishing features of cheap labor costs, labor-intensive growth, inflows of foreign investment, and exploitation of natural resources resulting in cheap exports. Therefore, it is unreasonable to say that Vietnam uses foreign exchange to make its products even more of a bargain. (Vietnamnet.vn)
Notable Corporate Events
American Vietnamese Biotech INC (AMV VN, HNX) – Dividend payment: AMV has set 12 Jan 2021 to be the record date for paying the total dividend of 60% by cash and stocks, the company said. The cash dividend payment will be made on 20 May 2021 and 24 June 2021. (Ndh.vn)
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