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Vietnamese Equity market: A quick look at the first half of July 2019

During the first half of this month of July, the Vietnamese stocks have generally gone up.

The main indexes show this positive trend. As of the 15th of July, the HNX index was up by 2% and the HOSE index up by 2.5%.

The banking sector is the still the sector with the lowest price to earnings ratio while the telecommunications sector has the highest price to earnings ratio. Stocks from the financial sector continue to represent the largest sector in terms of market capitalisation. In fact, these stocks represent a quarter (25%) of the total capitalisation.

Since the start of the year, HOSE index is up by more than 8% and the HNX index is pretty much stable but still slightly positive.

In terms of valuation, all the indicators show that the stocks quoted on the Ho Chi Minh stock markets are overpriced compared to the stocks quoted on the Hanoi stock exchange. This is not a new phenomenon and this can be explained by the fact that the funds tend to prefer stocks of companies with large market cap and that these companies are quoted on Ho Chi Minh.

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