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OTC weekly recap (03 May – 08 May)   2009-05-09 - Sanotc

The OTC market sees a high volatile week as investors consider OTC stocks as a profitable refuge. Stocks soar in early week because of buying on high volume. Nevertheless, traders lock profit, sending shares freefalling on Thursday and Friday after reaching a record high in term of volume and turnover on Wednesday.


US stocks gain 4.4% as banks rally amid relief that the results of the stress tests weren't worse. The results showed that 10 of the 19 tested were in need of additional capital, totaling $74.6 billion. However, no bank is insolvent and the uncertainty is passed. The Dow is up 30 percent in the past nine weeks since the rally began. The Nasdaq is up 34 percent and the S&P is up 36 percent.

Asian stocks rose this week, extending a two-month rally, as regional bank earnings, stress tests for U.S. banks and an expansion in Chinese manufacturing activity boosted optimism that the worst of the financial crisis is over.

In domestic, VN Index do not fall after the loss from US market as demand is still so high. Liquidity is still at high level and blue chips are the most wanted. In the last trading session, the HOSE Index adds 0.65% to 366.22 points. Foreign investors kept being the net buyers of 2.06 million shares or 75.74 billion VND as they bought 3.15 million shares for 120.877 billion VND and sold 1 million shares for 45.13 billion VND.

In OTC market, VCB unexpectedly rockets to VND44,500, compared to VND39.200 at the last week end. The ticker rises VND5,000 for a week and vaults up VND14,000, or nearly 50% so far this year. The state-run bank passed the 2nd Shareholder meeting’s resolution, in which the bank plans to raise additional charter capital of over VND 1 trillion, increasing the total charter capital up to over VND 13 trillion. The Management board of VCB and investors hope the State capital Investment Corp (SCIC) which owns more than 90% VCB’s capital, do not take part in the offering. Existing shareholders could buy the stock based on the ratio 1:1 and the par value price of VND 10,000. If the offering is implemented, the average price of VCB will dip to VND 60,000.

MB was traded at VND 17,700 a head of the holiday 30 Apr. The ticker went up to VND 21,600 on Mon. After that the stock slipped to VND 20,700 on Wed and VND 20,300 on Thu. MB finished this week at VND 21,000. Shares of Military Bank are recognized as the most fluid so far.

In OTC market, people got shock by a “burst” as a trader bought 1.5 million shares of MB worth over VND 30 billion, but did not have money to pay. Investigator had to interfere the affair and block the amount of stocks. The fraud happened a half month after the swindle at Dong Duong Securities as a broker hided away with a debt of VND 30 billion.

EIB, Vietinbank, HBB, VIB and other bank share are also on the rise. Traders focus on banks instead of other sectors. Some attractive tickers are DIC (VND 34-37,000); Vosco (VND 14,500); PVgasd (VND 23-25,000); …

The Vietnam stock market poised to next leap on optimism of global recovery. Investors are becoming increasingly confident that stock will return them light earnings despite the country sees few positive sign. The recent gain in the stock market is attributed to the huge cash inflow thank to the interest subsidy and easing monetary policy.

Other news

Hanoi OTC market chaotic on VND32bil in unpaid shares   2009-05-07

Viglacera Thanh Tri restart assembly line   2009-05-06

Viet Tien Garment Co. reports 28pct revenue spike   2009-05-06

Binh Thuan Tourism Co. to make IPO on HCM City exchange   2009-05-06

PetroVietnam Engineering to pay 12% dividend in cash on June 5   2009-05-06

Depositors at BaoVietBank receive insurance   2009-05-06

Phu My Fertilisers to train Ca Mau staff   2009-05-06

Market for unlisted firms set to open in Hanoi   2009-05-05

Cai Lan port receives biggest container vessel   2009-05-05

April 24: HaSTC-Index closed the winning week at 115   2009-04-29

Vietcombank to list shares on HOSE   2009-04-29

Sacombank Q1 net profit down 17 pct on year   2009-04-29

Bonds gain on bleak economic outlook; dong advances   2009-04-29

Loan subsidies fuel credit, raise risks, Citigroup says   2009-04-29