6PM Call: A Deep Correction Sent VNIndex Back to 760 Level - Update on HAH, QNS
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The trading in the VNIndex was quiet in the morning session, but selling pressure gradually increased. Stocks performed poorly in a wide range, as decliners outweighed gainers 2 by 1. Of which, SAB and banking stocks are the biggest distractors, dragging the index down to 761.26 points (-0.98%). Recently, the Prime Minister has issued Decision No.1232/QD-TTg approving the list of enterprises that the state will make capital withdrawal in the 2017-2020 period. Accordingly, the State will divest in 135 enterprises in 2017, 181 in 2018, 62 in 2019, and 28 in 2020. If successful, the total amount of capital withdrawal, assumed at par value, is nearly VND65 trillion. The accelerated equitization and divestment will continue to open up investment opportunities in Vietnam market, as well as attract more foreign investors. The full divestment list can be found here. Please note that the list excludes enterprises under the control of Ministry of Defense, Ministry of Public Security, Ho Chi Minh City People‘s Committee, and SCIC. In the list, ACV and VEAM are two stocks under our coverage (analysis reports attached in the link). Of which, our analyst favor ACV, considering the higher service fee the company can charge starting next month.
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