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Vietnam – Daily Market Recap Nov 19

Daily Market Recap 19/11/2020    275

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Dear Valued Clients,

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

Market Commentary: The VN-INDEX continued its 3-day gaining streak

The VN-INDEX rose 1.0% to 983.3pts, with support from Financials and Energy large caps. After the opening bell, the VN-INDEX started in the green, signaling a positive trading session on the back of Financials large caps, including VCB (+3.0%), CTG (+1.7%), VPB (+2.4%), and BID (+0.9%) contributed 4.1pts to the VN-INDEX. Other large caps from the Oil & Gas sector also joined the rally, including GAS (+2.6%) and PLX (+4.8%). Notably, SAB became one of the largest movers, gaining 5.5% to end at VND193,700. On the other hand, VIC became today’s largest laggard, dropping 0.9% to VND104,000, along with MSN (-1.1%) and HVN (-1.1%). The VN-INDEX successfully closed at its intraday high of 983.3pts (+1.0%). The HNX-INDEX stayed flat today, closing at 146.9pts.

Energy (+4.2%), Utilities (+2.1%), and IT (+2.0%) rose, while Real Estate (-0.2%) and Industrials (-0.02%) lost ground today. Top index movers included VCB (+3.0%), SAB (+5.5%), GAS (+2.6%), PLX (+4.8%), and CTG (+1.7%). Top index laggards consisted of VIC (-0.9%), MSN (-1.1%), HVN (-1.1%), MBB (-0.8%), and VCI (-5.2%). Top three major put-through transactions were VJC with 3.3m shares (VND368.6bn), VPB with 3.7m shares (VND89.6bn), and DIG with 4.3m shares (VND85.3bn).

Foreigners net bought on HOSE to the amount of VND401.5bn, while net sold on HNX to the amount of VND19.8bn. They mainly bought VNM (VND172.4bn), CTG (VND136.2bn), and VJC (VND115.1bn); and mainly sold HPG (VND87.4bn), CTG (VND82.8bn), and VNM (VND75.1bn).

Market News

UAE escalates OPEC dispute as tensions on output quotas grow

The United Arab Emirates ratcheted up tension with oil allies in OPEC+, with officials privately questioning the benefits of being in the producers’ alliance and even considering whether to leave it. The UAE has not said publicly it’s debating its membership, let alone planning to exit. And officials briefed the media under condition they would not be named, allowing room for maneuver if they later want to distance themselves from the comments. (Bloomberg)

Vietnam firms warned of growing trade probes

At a time when the Covid-19 pandemic is causing severe impacts on the global economy, trade tensions among economies have escalated and resulted in excessive use of trade protection measures. As import tariffs are gradually removed under commitments to free trade agreements (FTAs), more trade probes against Vietnamese products are set to emerge and put local enterprises at risk. According to statistics from the Ministry of Industry and Trade (MOIT), as of September, the agency has recorded a total of 193 trade probes against Vietnamese goods in the forms of anti-dumping, anti-subsidy, among others, in turn affecting a trade turnover of nearly US$12bn. The MOIT informed 62% of the trade probes against Vietnam’s exports are from the US, India, the EU, Turkey, Canada and Australia. Meanwhile, ASEAN countries have also been active in adopting trade protection measures against Vietnamese products, accounting for 20% of the total. As protectionism remains a popular approach for many countries around the world, enterprises should look to diversify their export markets and strive to compete with others based on product quality instead of prices. More importantly, enterprises need to consider potential trade protection measures as part of their business strategies, while strictly following rules of origin and refraining from committing origin frauds during trading processes. (Vietnamnet.vn)

Notable Corporate Events

Candon HydroPower JSC (SJD VN, HOSE) – Dividend payment: SJD has set 22 Dec to be the record date for paying its 2019 dividend by cash at VND2,100/share, the company said. The payment will be made on 25 Dec 2020 (11%) and 31 Mar 2021 (10%). (Ndh.vn)

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