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VN-Index maintains upward momentum

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VN-Index maintains upward momentum

An investor looks at stock prices on a smartphone at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.


The VN-Index gained 0.42 percent to close Friday, its ninth consecutive gaining session, on 1010.22 points.

It had crossed the 1000-point mark the previous session. The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, was overwhelmingly in the green this session with 251 stocks gaining and 167 losing.

Total trading volume abated slightly compared to the past week, at VND9.87 trillion ($426.75 million), whereas it was always at least VND10 trillion in the past four trading sessions, the highest trading levels seen in the history of the HoSE.

According to Nguyen The Minh, Head of Retail Research at brokerage Yuanta Vietnam, selling pressure is expected to rise soon as investors seek to take profits after the VN-Index registered nine consecutive gaining sessions.

“However, there is still room for the VN-Index to gain, as current macro-conditions are different from before, and so the 1,000-point resistance threshold will not be a major obstacle,” he added.

Analysts at various securities firms pointed to a number of major M&A deals scheduled to take place at the end of the year, new cash from first-time investors, low interest rates, and high liquidity of the main bourse as major factors that will continue to support the VN-Index’s growth.

Bluechips took the spotlight for Friday’s session, with the VN30-Index for the market’s 30 largest caps surging 0.72 percent. 15 stocks on it gained, compared to 12 that lost.

Topping gains was HDB of private lender HDBank, which hit its ceiling price, up 6.7 percent. This session was the deadline for HDBank to finalize its list of shareholders for the year’s dividend issue.

The next best gainers were all from different sectors. POW of electricity firm PetroVietnam Power climbed 3.7 percent, PNJ of jewelry retailer Phu Nhuan Jewelry 3.4 percent, HPG of steelmaker Hoa Phat Group 3.3 percent, and SBT of agricultural exporter TTC-Sugar with 3.3 percent.

Results were mixed in the public banking sector. Of Vietnam’s three biggest lenders, VCB of Vietcombank added 0.5 percent, CTG of VietinBank kept its opening price, while BID of BIDV dropped 0.4 percent. MBB of mid-sized Military Bank was up 2.6 percent.

The same can be said for the private banking sector. TCB of Techcombank was up 0.4 percent, STB of Sacombank kept its opening price, while VPB of VPBank and EIB of Eximbank shed 0.7 percent and 0.9 percent respectively.

In the construction and real estate sector, KDH of Khang Dien House rose 0.6 percent, ROS of FLC Faros up 0.5 percent, VHM of Vinhomes up 0.4 percent, NVL of Novaland was down 0.2 percent, while TCH of Hoang Huy Group topped losses with 2.2 percent.

Other major losing tickers included VJC of budget carrier Vietjet Air, down 0.9 percent, VIC of Vietnam’s largest private conglomerate Vingroup, with 0.8 percent, and SAB of major brewer Sabeco, also with 0.8 percent.

The HNX-Index for the Hanoi Stock Exchange, home to mid- and small-caps, lost 0.15 percent, but the UPCoM-Index for the Unlisted Companies Market gained 0.44 percent.

Foreign investors turned net buyers this session, to the tune of VND90 billion on all three bourses, with buying pressure on VJC of Vietjet Air and the FUEVFVND, an exchange-traded fund replicating the performance of stocks on the VN Diamond Index, a bag of 14 stocks, most of which are blue chips.

Source: https://e.vnexpress.net/news/business/economy/vn-index-maintains-upward-momentum-4195985.html

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Foxconn unit receives business license for $270 mln Vietnam plant

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Foxconn unit receives business license for $270 mln Vietnam plant

A motorcyclist rides past the logo of Foxconn, the trading name of Hon Hai Precision Industry, in Taipei, Taiwan March 30, 2018. Photo by Reuters/Tyrone Siu.


The FuKang Technology Company, a Foxconn unit, received a business license Monday to build a plant to produce laptops and tablets in northern Vietnam.

The plant will be located in the Quang Chau Industrial Park in the northern province of Bac Giang and will annually produce eight million units, the government said in a statement on its website.

The Taiwanese electronics contract manufacturer has so far invested $1.5 billion in Vietnam and created jobs for more than 35,000 workers and the company, formally known as the Hon Hai Precision Industry Co., plans to raise its investment by $700 million and recruit 10,000 more local workers this year, the government said.

Last week Foxconn was also looking into investing $1.3 billion in Thanh Hoa Province, 160 km south of Hanoi.

Last year, the company produced the first batch of display screens at its $26-million factory in the northern Quang Ninh Province.

Foxconn, a major assembler of Apple products, including the iPhone, and the world’s largest contract manufacturer, came to Vietnam in 2007, and has been operating mainly in the northern provinces of Bac Ninh, Bac Giang and Vinh Phuc, making computers and other electronic products and car parts.

It has said that Vietnam is its largest manufacturing hub in Southeast Asia.

Source: https://e.vnexpress.net/news/business/companies/foxconn-unit-receives-business-license-for-270-mln-vietnam-plant-4222816.html

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VN-Index inches down in week’s opening session

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VN-Index inches down in week’s opening session

An investor points at stock prices on a laptop at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.


The VN-Index edged down 0.19 percent to 1,191.94 points after struggling to stay in the green throughout the trading day.

The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, was predominantly green despite closing in the red, with 273 stocks gaining and 201 losing. Total trading volume fell slightly over the previous session to VND17.76 trillion ($767.14 million).

Blue chips were the main drag this session, with the VN30-Index for the stock market’s largest caps plunging 0.75 percent.

Private banks did not do well this session. EIB of Eximbank shed 2.5 percent, STB of Sacombank 2.4 percent, HDB of HDBank 2.3 percent, VPB of VPBank 2.1 percent, and TCB of Techcombank, 1.8 percent.

State-owned banks did slightly better. Among Vietnam’s three biggest lenders by assets, CTG of VietinBank dropped 2.3 percent and BID of BIDV went down 0.4 percent while VCB of Vietcombank edged up 0.1 percent. MBB of mid-sized Military Bank fell 2.1 percent.

All real estate stocks ended in the red. NVL of Novaland shed 1.1 percent, KDH of Khang Dien House, 1 percent, TCH of Hoang Huy Group, 0.9 percent and VHM of giant Vinhomes 0.5 percent.

Other major losing tickers this session included SSI of top brokerage SSI Securities Corporation, down 1.8 percent, GAS of energy giant PetroVietnam Gas and MWG of electronics retailer Mobile World, both down 1.1 percent, and VIC of private conglomerate Vingroup, 0.8 percent.

Topping gains for the sixth session was ROS of construction firm FLC Faros, up 6.9 percent, hitting its ceiling price again. Despite this, ROS closed at VND3,740, far below its VND12,600 IPO in 2016 and a high of VND178,000 in late 2017.

The ticker has been plummeting since early 2018 as a result of increasingly poor business performance, and is now the smallest capped ticker on the VN30.

It was followed by SBT of agricultural exporter TTC-Sugar, up 5 percent, POW of electricity generator PetroVietnam Power, 2.8 percent, MSN of food conglomerate Masan Group, 2.3 percent, and VRE of mall operator Vincom Retail, up 1.8 percent.

The HNX-Index for the Hanoi Stock Exchange, home to mid-and small-caps, surged 2.23 percent, while the UPCoM-Index for the Unlisted Companies Market slipped 0.11 percent.

Foreign investors were net sellers to the tune of around VND620 billion on all three bourses, with the net selling focused mostly on HPG of steelmaker Hoa Phat Group (up 0.2 percent), SSI of SSI Securities Corporation and VHM of Vinhomes.

Source: https://e.vnexpress.net/news/business/economy/vn-index-inches-down-in-week-s-opening-session-4221149.html

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Winners of HCMC Brand Award to be announced Thursday

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A poster of the HCMC Brand Awards, which will be held on January 21 – PHOTO: COURTESY OF ORGANIZER

HCMC – The HCMC Department of Industry and Trade and The Saigon Times Group will co-organize the HCMC Brand Award at the GEM Center in District 1 on Thursday, January 21, aimed at honoring enterprises in the city for their efforts in building their brands.

Since the launch of the HCMC Brand Award on December 1 last year, as many as 64 firms have registered to participate in the awards.

These applicants were required not to violate ownership rights nor show acts of trade fraud, while working on building their brands for at least two years.

The winners will be evaluated and selected by experts in brand building and customers based on the following criteria: efficiency in brand building, innovation, creativity, the quality and safety of products and corporate social responsibility.

Earlier at the launch ceremony, Bui Ta Hoang Vu, director of the HCMC Department of Industry and Trade, said the HCMC Brand Award would help raise the awareness of businesses operating in the city over the importance of building their brands and encourage them to accelerate innovation, creativity and sustainable development.

Besides, the awards are expected to help them reach out to the global market.

Source: https://english.thesaigontimes.vn/80240/winners-of-hcmc-brand-award-to-be-announced-thursday.html

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