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Stock market up on economy hopes   2009-06-01 - Thanh Nien

The encouraging signs of macroeconomic stabilization and positive signals from corporate earnings of many companies in recent months have reinforced investors’ expectations of a better outlook for the economy.

Businesses in many sectors like fertilizers, basic materials, pharmaceutical and consumer staples have started to see their margins grow again due to strong private consumption, mainly boosted by the government’s stimulus package.

The recent rally in developed stock markets has also boosted sentiment among Vietnamese retail investors who have played a key role in the VN-Index’s rally, accounting for around 90 percent of the volumes in the past months.

However, the VN-Index seems to have rallied a little too fast ahead of fundamentals. Therefore some corrections are inevitable. But, if corporate fundamentals continue to improve as they have in recent months, the 600 level at the end of the year is achievable.

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