Vietnam Stock Market: Wild Fluctuation

The stock market has fluctuated in recent days following a deep correction in the bullish trend. However, investors shifted more of their attention to official launching of the market for unlisted public companies (UPCoM) with its measure called UPCoM-Index, the renaming of the Hanoi Securities Trading Centre (HASTC) to the Hanoi Stock Exchange (HNX) and the replacement of HNX-Index for HASTC-Index.

 

On June 22, the VN-Index lost 17.11 points to close at 458.11. Trading volume totalled 41.624 million shares worth VND1,636.23 billion.

 

Biggest gainers included VIC (up VND3,500 to VND77,000 per share), VNS (up VND1,700 to VND37,600), TMS and RHC (up VND1,100), PVD (up VND1,000 to VND77,000). PVD opened with a loss of VND1,000 to VND75,000 and was sometimes traded at VND79,500, its highest intraday price. The slumps of SSI, STB and PVF dragged down the market. Many investors picked up more SSI and STB shares at their lowest intraday prices as they valued they were cheap enough to buy.

On June 23, only LSS and ICF advanced as investors offloaded shares as they still found high risks in holding shares. The VN-Index widened its losing streak to five days. The gauge slid 19.56 points to settle at 438.55. Market volume totalled 31.95 million shares, valued at VND1,268.38 billion, down 18 per cent from a day earlier and nearly 50 per cent from last Monday.

 

Most market-leading stocks dropped to their floor prices which are capped at 5 per cent. Investors traded 3.48 million SSI shares, 2.82 million HPG shares, nearly DPM 1.7 million shares, nearly 1.7 VFMVF4 million fund units and 1.43 million PPC shares.

 

Foreign investors sold net of VND160 billion of Vietnamese shares on HOSE on June 24, the largest net selling value by this group of investors this year. They sold over 2.25 million VFMVF1 fund units for VND29 billion. Possibly, VEIL Fund, an affiliate of Dragon Capital, divested holdings in the fund as it registered to sell 9.3 million fund units from June 16 to August 16. Foreigners also sold net of SAM (921,000 shares), HSG (469,000 shares), PPC (292,000 shares), STB (226,000 shares), and DRC (191,000 shares).

 

On June 24, share prices surged. Investors rushed to buy shares, sending the VN-Index up 17.65 points, the biggest gain in two weeks, to settle at 456.22. The liquidity reached 52.6 million shares and fund units worth VND1,764 billion.

 

On June 25, the market fluctuated but newcomer Bao Viet Holdings were always traded at their highest prices (20 per cent from reference price). The VN-Index closed down 2.46 points, or 0.54 per cent, to 453.76. Trading amounted to 52 million shares and fund units worth VND2,053.1 billion, a rise of 8.3 per cent and 26 per cent from a day earlier, respectively,

Bao Viet Holdings (BVH), the country’s largest insurer, closed up 20 per cent from its reference price of VND38,500 to VND46,200.

 

On June 24, the HASTC-Index was replaced by the HNX-Index. The HNX-Index advanced 8.4 points, or 5.63 per cent, to close at 157.63. Trading volume reached 22 million shares valued at VND673.6 billion

 

On June 22, the HASTC-Index advanced at the opening but plunged toward the closing. The measure dropped 9.2 points, or 5.48 per cent, to settle at 158.66. Market-leading shares tumbled, including ACB (losing VND3,500), PVS (VND2,800), SHB (VND2,800) and VCG (VND2,400). Most shares on HASTC lost to the lowest intraday prices. Trading volume reached 18.6 million units worth VND657 billion

 

On June 23, the HASTC-Index lost the 150-point sentiment benchmark at the start. The gauge slumped 9.43 points, or 5.94 per cent, to close at 149.23. The market volume exceeded 19.6 million shares valued at VND654 billion.

 

On June 25, the HNX-Index dropped 3.27 points, or 2.07 per cent, to close at 154.36. Trading volume totalled 24.1 million shares worth VND811.8 billion.

 

On June 24, the market for unlisted public companies ((UPCoM) debuted with first 10 listings, including five securities companies. The gauge of the UPCoM, or UPCoM-Index, is calculated by comparing total current market value with total base value. The base benchmark value is 100 points.

 

UPCoM-Index is calculated when there is a new transaction. Thus, when trading prices change, the UPCoM-Index will also change accordingly. The end-of-the-day value UPCoM-Index is calculated on closing prices of listed shares.

 

On the first trading day, investors picked up securities shares. They traded 354,679 SME shares in SME Securities. Except for CFC shares in Cafico Vietnam, nine other listings have trading.

 

HIG shares in HiPT Group closed at the highest price of VND32,500 while TGP shares in Truong Phu Corporation had lowest closing price.

Trading volume approximated 1.1 million shares valued at VND18.9 billion on the debut day.

 

On the second day, after 30 minutes of transaction, the UPCoM-Index dropped 5.13 points, or 5.13 per cent, to 94.94. As of 11.00 a.m. local time, trading volume reached 144,822 shares worth VND2.5 billion. SME was the most active with nearly 60,000 shares changed hands.