Market Strategy Report

Vietnam stock market in 2018 witnessed significant changes, which is contrary to the stable growth in 2016-2017. Internal factors still remained positive and supportive to the market. However, the strong impacts from external risks triggered a simultaneous correction in main indices of 2018. Foreign investors net-bought with a record volume in Vietnam stock market in 2018 (contrary to the net-sold trend in other emerging markets), mainly focused on VHM, VRE, YEG, MSN… Vietnam stock market in 2019 is expect to be volatile under the impacts of external factors, while domestic factors remain neutral. Economic growth and profit growth of listed companies will be slower than in 2018, but still stay at a positive level, SBV monetary policy will be managed more prudently but still loosened in general. The reasonable price zone of VNIndex in 2019 is 911-942 points, slightly increasing compared to the end of 2018 thanks to the positive growth of market EPS, although P/E of the market i

Stock market had positive growth in Q3 after a sharp plunge in Q2 as oil price rebounded, concerns over trade war temporarily cooled down, domestic inflation was kept under control and companies’ performances continued to grow considerably in Q2. Foreign investors returned to net sell in Q3 after net buying for 6 consecutive quarters with sales concentrating in July and August on real estate stocks such as VIC, VHM, VRE, and NVL… External risks maintained their great impact on the recovery trend of the market, including trade war, tightening monetary policy of large Central Banks, along with domestic risks such as inflation, exchange rate and prudent policy of SBV… However, thanks to the significant growth of companies’ performances and the recovery phase of the economy, Vnindex is forecast to keep rising and approaching the 1050-1080 zone in Q4.