The Vietnamese stock market benchmark, VN-Index, may hit 750 this year given supporting news from the economic recovery, said Nguyen Thanh Hung, chief executive officer of Sacombank Securities Joint Stock Co (SBS).
The stock market will promise a faster growth than 2009 as the domestic economy is on its right track of recovery and the government will prioritize the economic growth target, while foreign capital inflows will rise sharply as Vietnamese equities remain attractive, Hung said in an interview with Vietstock online newspaper.
Several large-scaled enterprises will list shares on bourse within 2010, which will help increase supply of good shares and spur market liquidity, he said.
“The VN-Index may hit 750, supported by sharply rising money inflow, and the modest level will be 620. The first quarter will be good time for traders to enter the market,” Hung said.
Property, oil and gas, and securities will be potential industries in 2010. Banking and finance, rubber, real estate, pharmaceuticals, consumer goods and food shares will be top choice of foreigners, Hung forecast.
State budget imbalance and inflation will need close watch, however, he noted.
The benchmark closed down 2.69%, or 13.73 points, to 496.29 today, February 23.
SBS, which is a subsidiary of Saigon Thuong Tin Commercial JS Bank, plans to list its shares on the Hochiminh Stock Exchange (HOSE) at the end of the first quarter after it was equitized in December 2009. (Vietstock)
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