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April 28: Vietnam stocks closed mixed, broad market sentiment weak

Vietnam’s stocks closed mixed today with falling liquidity as investors slowed down their trading in caution on weak sentiment and ahead of long holiday.

The benchmark VN Index gained 3.61 points or 0.76% to 472.93. Volume fell 17% to 23.6 million shares traded for VND446.62 billion.

Analysts cannot see a sustainable rally yet but they see opportunities of buying into the lows for long term investors. Short term risks are seen.

Headlines showed that Vietnam tightens requirements on local bank strategic partnership, raising minimum asset requirement to $20 billion in the year before they buy a stake for foreigners and VND3000 trillion for local partner. Strategic, major or founding investors in other banks in Vietnam will not be allowed to exceed the strategic 15 percent level in state-owned banks being privatized.

Vietnam also mull tightening control over cash flows at customs, plans to legalize customs declaration of individual carrying over $5,000 or foreign currency equivalent to over $5,000 or VND15 million.

In corporate and trading news, MB has been approved to list 703 million shares on HSX, the bourse said while BI Privante Equity New Markets II K/S of Bank Invest, who holds 54 million MSN shares or 10.52% stake, registered to sell 1 million MSN from May 4 to July 4 this year.

In related news, the dong rose VND5 to VND20,693 a dollar midpoint. Banks sold dollar at negative daily trading band under VND20,693 for first time. Local gold prices in the afternoon eased to VND37.49 million –VND37.62 million a tael for bid and ask , respectively after a surge in early trade to top VND37.7 million despite world gold prices hit fresh highs.

The market opened in the green with 0.72 million shares changed hands. Trading pace slowed down, 4 key blue chips BVH, MSN, VPL, and VNM continued to support the market.

The market breadth narrowed with losers outweighed gainers by 137-94, 58 stocks unchanged. The number of floor losers fall to 19 while 19 others gained 5% limit.

STB was the most active stock with 2 million shares traded, closing up 0.8% to VND12,900.

SSI ranked second in the list with 1 million shares traded, closing flat at VND20,200.

EIB was in the third place with 0.8 million shares traded, closing up 0.7% to VND14,600.

PET and KTB followed in the list with 0.8 million and 0.6 million shares traded, respectively.

On the Hanoi Stock Exchange, the HNX continued to fall 0.52 point or 0.62%, closing at 83.27. Losers outnumbered gainers by 153-106, 52 stocks unchanged. Trading volume fell to 23 million shares worth VND309.37 billion compared to 26.5 million shares worth VND362 billion on Wednesday.

The market did not get support from higher volume.

THV was the most active stock on the bourse with 2.5 million shares traded, closing up 1.9% to VND10,900 on average.

VND ranked second in the list with 1.6 million shares traded, closing flat at VND14,500.

SHB was in the third place with 1.3 million shares traded, closing up 1% to VND10,300.

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