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Shares gain but investors remain cautious

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Customers perform transactions at a branch of VPBank (VPB) in Hà Nội. Shares of VPBank (VPB) rose 0.9 per cent on Monday. Photo courtesy of VPB

HÀ NỘI — Shares made gains on Monday but investors remained cautious on decreased liquidity and the return of foreign net-selling.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange rose 0.13 per cent to end the session at 1,175.04 points.

More than 630 million shares were traded on the southern bourse, worth VNĐ15.3 trillion (US$663.5 million).

Market breadth was negative with 199 gainers and 231 losers.

“VN-Index continues to retest the short-term resistance at 1,180 points. Liquidity decreased slightly, market amplitude narrowed and market breadth was negative, indicating cautious trading sentiment among investors,” said BIDV Securities Co.

“Foreigners turned back to be net sellers on the HSX and net buyers on the HNX. The VN-Index is likely to move in the 1,160-1,200 point range this week,” the firm said.

Foreign investors net sold VNĐ613.42 billion on HOSE, including dairy firm Vinamilk (VNM) (VNĐ178.2 billion), steelmaker Hoà Phát Group (HPG) (VNĐ110.1 billion), and SSI Securities Incorporation (SSI) (VNĐ42.5 billion). They were net buyers on the HNX to the tune of VNĐ11.0 billion.

Towards the end of the session, the VN-Index’s gain was significantly reduced as banking stocks such as Techcombank (TCB), Military Bank (MBB), Vietinbank (CTG) and Sacombank (STB) extended their losses.

Among them, Sacombank (STB) decreased by 0.5 per cent to VNĐ18,600 per share and Techcombank (TCB) lost 0.3 per cent to VNĐ38,600 per share.

Securities stocks also reported losses such as SSI Securities Inc (SSI) decreased 0.9 per cent, VNDirect (VND) down by 0.9 per cent and Viet Capital Inc (VCI) declined 1.4 per cent.

A number of other blue-chips also performed poorly such as Phú Nhuận Jewelry (PNJ), Sài Gòn-Hà Nội Bank (SHB), Vincom Retail (VRE), Sabeco (SAB) and Petro Vietnam Gas JSC (GAS).

But some still attracted cash flow and supported the indices such as Kido Group (KDC), Vinhomes (VHM), Vingroup (VIC) and VPBank (VPB).

The large-cap tracker VN30-Index was unchanged at 1,180.55 points.

Twenty of the 30 large-cap stocks in the VN30 basket decreased while eight made gains.

On the Hà Nội Stock Exchange, the HNX-Index rose 2.94 per cent to end Monday at 237.97 points.

Nearly 107 million shares were traded on the northern market, worth VNĐ1.8 trillion. —

Source: https://vietnamnews.vn/economy/886154/shares-gain-but-investors-remain-cautious.html

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Over 33,600 firms dissolve, suspend operations in Jan-Feb

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An employee is at work at a textile factory. The country saw over 33,600 firms leave the market or suspend their operations in the first two months of the year – PHOTO: VNA

HCMC – The country saw over 33,600 firms leave the market or suspend their operations in the first two months of the year, up 18.6% year-on-year, according to the Ministry of Planning and Investment.

Of the total, over 21,630 companies signed up to temporarily suspend operations, some 8,380 halted operations to complete dissolution procedures and over 3,590 were dissolved.

The number of newly-established firms in February dropped by 12.3% year-on-year at 8,040, while pledged capital surged by 85.6% at VND179.7 trillion. Besides, some 7,700 firms left the market in February, VietnamPlus news site reported.

Between January and February, some 18,130 companies were established, inching down 4% year-on-year, while the number of firms returning to the market, mainly active in the art, entertainment and education fields, and lodging and catering services, during the two-month period was 11,030, down 7.6% against the same period last year. However, the total registered capital increased by 12% to VND720.4 trillion.

Source: https://english.thesaigontimes.vn/80702/over-33600-firms-dissolve-suspend-operations-in-jan-feb.html

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Bank and steel stocks spur local market

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Maybank Kim Eng Securities employees monitor share prices. The VN-Index of the Hochiminh Stock Exchange expanded 0.26% on Friday, February 26 – PHOTO: THANH HOA

HCMC – Bank and steel stocks were the main driver of the local market, enabling the benchmark VN-Index of the Hochiminh Stock Exchange to expand today, February 26.

The main index rose 0.26%, or 3.04 points, to close the day at 1,168.47 points, with winning stocks outnumbering losers by 216 to 209. More than 554 million shares worth roughly VND14.87 trillion changed hands on the southern bourse, increasing 8.36% in volume and 11.38% in value compared with the previous session.

Bank stocks were among the best performers, with BID going up 1.5% to VND43,600, ACB up 2% to VND33,050, MBB up 1.3% to VND27,650, VIB up 3.3% to VND39,700 and VPB up 1% to VND40,000. TCB and TPB inched up approximately 0.5%.

Steel stocks were also the major contributors, with NKG, POM, TLH, VGS, VIS and DNY shooting up to the ceiling prices. Steelmaker HPG in the VN30 basket soared 3.3% to VND45,600.

Moreover, bank and steel stocks were the cash magnets. HPG took the lead in terms of liquidity with 40.93 million shares changing hands, followed by MBB with 22.35 million shares. HSG and STB came third with some 17.4 million shares traded each.

Some other large-cap stocks that gained ground included dairy giant VNM, property firm VIC, gas firm GAS and consumer goods producer MSN.

On the Hanoi Stock Exchange, the HNX-Index added 1.23%, or 3.02 points, to end at 249.22 points, with gaining stocks outnumbering decliners by 100 to 94. There were more than 113 million shares worth VND1.9 trillion changing hands on the northern bourse.

In the HNX30 basket, investment and trading company TNG shot up to the ceiling price and real estate company NRC surged 7.2% to VND23,700. Stone processor VCS, construction firm VC3, pharmaceutical firm DP3 and housing firm NDN rose 1-2%.

Among petroleum and bank stocks, SHB, PVS and PVB closed at their reference prices, while NVB expanded 0.7% to VND14,700. Lender SHB led the northern market in terms of liquidity with 28.66 million shares changing hands, followed by petroleum stock PVS with more than 11.9 million shares.

Source: https://english.thesaigontimes.vn/80704/bank-and-steel-stocks-spur-local-market-.html

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Casinos want to serve Vietnamese at major tourist destinations on trial basis

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Businesses in Vietnam have proposed that casinos at major tourist destinations be allowed to serve Vietnamese citizens as a way to help such a service cope with difficulties brought about by the COVID-19 pandemic.

The proposal was submitted to the prime minister’s advisory council by the country’s casino business community on Thursday.

In the document, local casino businesses stated that the tourism industry has been hit hard by the COVID-19 pandemic due to a sharp decrease in the number of foreign visitors.

To mitigate this problem, domestic tourism has been promoted.

However, local casinos have not benefited from these promotion plans because Vietnamese people are not allowed to enter these venues.

A circular of the Ministry of Finance previously allowed Vietnamese citizens to use services at local casinos on a trial basis, but no specific list of eligible casinos was issued.

Only two casinos in Phu Quoc, a tourist island off the southern province of Kien Giang, and Van Don, an island off the northern province of Quang Ninh, have been permitted to serve Vietnamese residents as part of the pilot program.

The trial began in January 2019 and would last for three years, before the finance ministry carries out a comprehensive review to make further decisions. 

The casino business community asked the government to consider allowing this entertainment service at other major tourist destinations, such as central Quang Nam Province and southern Ba Ria-Vung Tau Province among others.

Allowing more casinos to serve Vietnamese people will enable the trial to achieve a more objective result, as well as support local businesses in coping with challenges caused by the pandemic.

In accordance with Vietnamese law, casinos are only permitted to serve foreigners or overseas Vietnamese with foreign passports.

In the pilot program, Vietnamese people who wish to enter and gamble in a casino must be at least 21 years of age, and have full capacity for civil acts in accordance with the provisions of Vietnamese law.

Vietnamese punters are also expected to prove a regular income of VND10 million (US$430) or more per month to play at a casino.

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Source: https://tuoitrenews.vn/news/business/20210226/casinos-want-to-serve-vietnamese-atmajor-tourist-destinations-on-trial-basis/59494.html

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