Wednesday, March 29, 2017

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Stocks up on high Q1 hopes

GBS - Shares rose on the two local exchanges on March 20, driven by high investor confidence on expectations of positive earnings reports from listed companies.

The benchmark VN Index on the HCM Stock Exchange rose 0.6 percent to close at 715.07 points, ending positive compared to the decline of 0.6 percent on March 17.

More than 175.28 million shares were traded on the southern bourse, worth 4.02 trillion VND (179.95 million USD).

The VN Index performed well on Monday after it was put under pressure from exchange-traded funds (ETFs) increasing their trading activities in their first-quarter portfolio reviews, BIDV Securities Corp (BSC) said in a note.

“Investor confidence has improved,” BSC said, adding that positive investor sentiment helped lift the stock market in spite of long-term negative effects from the Fed’s rate hike last week and the decline of Faros Construction Corp’s share price.

BSC also said in its latest weekly report that investors would turn their attention to stocks with good business prospects and positive information.

Finance-banking stocks were the ones that received high interest from investors as they were expected to release positive earnings reports for the first-quarter performances.

Eight of the nine listed banks advanced yesterday with Asia Commercial Bank (ACB), Eximbank (EIB), MBBank (MBB), Sacombank (STB) and Vietcombank (VCB) among the biggest gainers.

The insurance sector was driven up by Bao Viet Holdings (BVH), while brokerage firms that saw share prices increase were HCM City Securities Corp (HCM), MB Securities Corp (MBS), Sai Gon Securities Inc (SSI) and VNDirect Securities Corp (VND).

Other blue chips also supported the positive direction of the stock market, including Vietjet Aviation JSC (VJC), southern brewer Sabeco (SAB), consumer goods producer Masan Group (MSN) and steel makers Haa Phat Group (HPG) and Hoa Sen Group (HSG).

On the opposite side, dairy producer Vinamilk (VNM), Faros Construction Corp (ROS) and property developer Vingroup (VIC) declined and prevented the southern market from rising higher.

“The VN Index may continue to move in the range of 710 and 720 points as there is not much positive market news that could lift the index further,” BSC said.

Investors must keep a close watch on the movement of some large-cap stocks such as ROS as that stock has fallen for three consecutive days and its negative trend would have negative impact on the stock market, BSC added.

On the Hanoi Stock Exchange, the HNX Index added 0.7 percent to end at 89.03 points. The northern market index has rallied a total 2.3 percent in the last five sessions.

More than 50.6 million shares were exchanged in the northern market, worth 656.8 billion VND.

-VNA

 

Vietnamese lawyer calls for chemical castration to punish pedophiles

GBS - Failure to punish pedophiles has caused public outcry.

Multiple child sex abuse cases have stirred public anger on social media in Vietnam, and legal experts are calling for stronger punishments for pedophiles.

Read more: Vietnamese lawyer calls for chemical castration to punish pedophiles

   

Pacific trade pact countries look for 'progressive' way forward

GBS - With the retreat of the United States, China appears to be the natural successor to lead discussions.

The remaining members of the Trans-Pacific Partnership (TPP) are seeking a way forward on the trade pact, they said on Wednesday, as some emphasized the need for deals to address concerns about workers' rights and other issues.

Read more: Pacific trade pact countries look for 'progressive' way forward

   

Hanoi beats its chest at plan to build Kong statue near Hoan Kiem Lake

GBS - Kong is unlikely to join the statues of national heroes around Hanoi's spiritual center.

Read more: Hanoi beats its chest at plan to build Kong statue near Hoan Kiem Lake

   

Vietnam Tax Issues – Outlook On The European Union Vietnam Free Trade Agreement (EVFTA)

GBS - The recently formed Government has manifested its ambition to support reforms especially related to business. Short after the oath of inauguration, it organized a conference with Vietnamese enterprises leading to the issuance of Resolution 35/2016/NQ-CP dated 16 May 2016. The main focus was to improve the investment environment. Nevertheless, some difficulties remain and review of tax policies is required from some specific perspectives.

Read more: Vietnam Tax Issues – Outlook On The European Union Vietnam Free Trade Agreement (EVFTA)

   

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