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Surge in newly opened securities accounts recorded in May
Vietnam News - 6/10/2024 4:04:56 PM
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 The number of newly opened securities accounts in Việt Nam saw a substantial increase last month, reversing the previous decline in April, according to the Vietnam Securities Depository and Clearing Corporation.

In May, there was a notable increase in the number of new securities accounts opened by domestic investors in the country, with a total of 132,010 accounts opened.

Specifically, 131,839 accounts were opened by retail investors and 171 accounts were opened by institutional investors.

Although there was a strong recovery, the number of new securities accounts in May 2024 remained lower compared to the figure in March, which was 163,621 accounts.

Also in May, foreign investors opened 210 new accounts. Among them, 217 accounts were opened by retail investors, while institutional investors saw a decrease of seven accounts.

Last month, the market benchmark VN-Index increased by 5.9 per cent, the HNX-Index rose by 8.9 per cent and the UPCoM-Index grew by 7.2 per cent month-on-month. 

The rise in the VN-Index was mainly attributed to the strong net profit growth of listed companies in the first quarter. The market also benefited from bottom-fishing demand, following a significant decline in April. 

The VN-Index has risen by 13 per cent since the beginning of the year. 

However, the market's recovery in May was accompanied by weak liquidity, indicating cautiousness due to factors like increasing exchange rate pressure and domestic interest rates.

The average trading value on all three exchanges decreased by 10.6 per cent compared to the previous month but increased by 71.2 per cent over last year, reaching VNĐ23.1 trillion per session (US$908.6 million). 

Of which, the Hồ Chí Minh Stock Exchange (HoSE)’s average trading value was VNĐ20.2 trillion per session, while the Hà Nội Stock Exchange (HNX)’s was VNĐ1.9 trillion per session, down 12.9 per cent from April. And UPCoM's was VNĐ1.1 trillion per session, a 53.9 per cent increase over the previous month. 

Experts attribute the strong increase in average trading value on the UPCoM exchange to positive developments related to Bình Sơn Refining and Petrochemical Company Limited (BSR). 

BSR has shown good growth prospects, with increased cash flow and improved business production. 

Notably, the company approved an expansion project for the Dung Quất refinery, aiming to increase crude oil processing capacity to 171,000 barrels per day by 2028. It plans to enter the petrochemical sector in the future. 

On the stock market, BSR intends to transfer 3.1 billion shares from UPCoM to HoSE. —  VNS

Read original article here

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