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Banking & Finance

October 10: VN-Index up in early trade

Released at: 14:16, 10/10/2018 Stock Market Watch

October 10: VN-Index up in early trade

Source: TVSI

Investor sentiment cautious in morning session.

by Hai My

After recent strong fluctuations, investor sentiment was quite cautious as the market opened on October 10.

At 10.05am, the VN-Index had increased 3.26 points (0.33 per cent) to 999.45 points, the HNX-Index 0.08 per cent to 114.39 points, and the UPCoM-Index 0.24 per cent to 53.83 points.

Oil and gas, after a boom yesterday, leveled off. PVS, PVD, PVB, BSR, PLX, and OIL all fluctuated around their reference price, as GAS gained nearly VND2,000 ($0.08).

Banking saw little change, with stocks such as CTG, BID, VCB, VPB, and STB remaining around their reference point. MBB, after an auction yesterday, sold strongly in the opening minutes. MBB, meanwhile, shed a mere VND200.

Textile stocks such as TCM, TNG, and VGT attracted good cash flow and increased. In seaports, VSC continued to be the most prominent name, but also rose a mere VND200.

In a new VNDIRECT report, Mr. Anirban Lahiri, Director of its Research Division, said the valuation of emerging and marginal markets is more susceptible to fluctuations in the context of higher yields and the US Fed possibly raising interest rates. 

Mr. Lahiri forecast that Vietnam’s stock market will see more corrections in the fourth quarter or the first quarter of the new year. Port and industrial zone stocks will have many advantages. KBC shares are quite attractively priced even after being discounted for governance issues, as it has large land funds and benefits from a factory relocation from China. LHG and NTC are also worth considering given upcoming projects.

One stock also highly valued in the seaport and logistics sector is VSC. Finally, VNDIRECT believes that construction stocks such as CTD are worth considering, given its expansion into the construction of factories and industrial parks instead of only housing projects.

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