6PM Call: Bearish Sentiment Dominates
Vinhomes (VHM) had its first trading session today on the HSX. The company is the biggest residential developer with a landbank of 164 Mn sqm across Vietnam and plans to expand from its current focus on Hanoi and Ho Chi Minh City, the two biggest cities, to the rest of Vietnam. As expected, the stock was firmly ‘stuck’ in the price ceiling with a surplus buying volume of 2.3 Mn shares, while only 18,000 shares could be traded. This indicated that VHM could continue to go ceiling in the next few sessions. Given the stock’s current market cap of VND 296 Tn, which is only behind its mother company VIC, the VNIndex could be supported significantly from tomorrow.
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