The Ho Chi Minh Stock Exchange (HOSE) witnessed a positive week, with the VN-Index ending on a strong note, gaining 2.3% to close at 1,273.1 on May 13-17. The market sentiment improved, and trading value on HOSE remained robust, averaging around VND 18,000 billion per session.
HOSE Review: CIG topped the gainers’ list, surging 30% week-over-week with four consecutive ceiling-priced sessions. Despite the sharp rise, trading volume remained modest, with a few hundred thousand matched orders per session. VOS also stood out with a weekly gain of 17%, extending its one-month rally to nearly 50%, pushing its market capitalization past the VND 2,000 billion threshold. Accompanying the price surge, VOS’s liquidity improved, with a 10-session average trading volume of 4.4 million shares, double the three-month average.
Analysts attributed the upward momentum in VOS and other shipping stocks partly to the Middle East tensions since late 2023, which affected shipping activities in the Red Sea region, home to the Suez Canal, accounting for 15% of global shipping traffic.
LPB, a bank stock, also attracted strong buying interest, climbing 15% to a new all-time high. Notably, on May 16, LPB soared to the ceiling price, with a matched volume of over 12.5 million shares, the highest in almost a month.
On the other hand, TRT faced profit-taking pressure, declining 19% during the week.
HNX Review: The “Apec family” stocks, including API, IDJ, and APS, were the standout performers on the Hanoi Stock Exchange (HNX) this week, with API surging 40%, IDJ climbing 24%, and APS rising 21%. These three stocks witnessed four consecutive ceiling-priced sessions, with trading volumes surging multiple times compared to previous sessions. The sudden rally in the “Apec family” stocks followed the unexpected appearance of Mr. Nguyen Do Lang, the former Chairman of Apec Group and former member of API’s Board of Directors, at API’s Annual General Meeting on May 10, 2024.
API, APS, and IDJ are part of the Apec Group’s ecosystem of companies, founded by the Nguyen Do Lang business family. In June 2023, Mr. Nguyen Do Lang was arrested and detained on charges of stock market manipulation involving this group of companies, as decided by the Hanoi People’s Procuracy.
UPCOM Review: After more than two years of stagnation at the reference price, VLP suddenly surged 100% on May 15. However, the stock’s price was only VND 200 per share.
In contrast, several stocks on UPCOM recorded weekly losses ranging from 17% to 33%.
