After average liquidity, which includes both order-matched and put-through transactions, on all of Vietnam’s three bourses dropped 28.9 percent year-on-year in value and 15.9 percent in volume in 2019, analysts at FiinGroup expect cash flow to return to the market this year. Stable macro-economic indicators and the current low valuations of stocks will likely bring in more foreign capital, while international funds and speculative investors are likely to follow suit, given the prospects of Vietnam being upgraded from frontier market to “emerging market” status by American finance company MSCI, the firm’s analysts said in its latest report. Stock prices are currently at a low level compared to returns, with the overall price-to-earnings ratio (P/E) of Vietnam’s stock market at 15.5, equivalent to Vietnam’s P/E when the stock market boomed in mid-2017, they noted. The VN-Index, which represents stocks on the Ho Chi Minh Stock Exchange (HoSE), had surged 48 percent in 2017. HoSE, home to most large- and mid- cap stocks, amounts to around 90 percent of the market cap for all listed companies in the country. Average liquidity in 2019 was VND4.7 trillion ($202.6 million) per trading day, the lowest level in the last three years. The FiinGroup report… Read full this story
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