HIGHLIGHTED NEWS
The State Bank of Vietnam (SBV) has announced the Draft Circular guiding Decree No. 24/2012/ND-CP on the management of gold trading activities with the following highlights:
- Establishing a Council to develop and adjust gold import and export limits.
- SBV is responsible for establishing the total annual limit for gold import and export activities. Based on the total limit determined, SBV will issue annual limits to each enterprise and commercial bank according to criteria such as charter capital scale, actual demand, gold bar import and export activities, etc. The deadline for completing the entire process of formulating and allocating limits is before December 15 of each month.
- Requiring enterprises and credit institutions licensed to trade in gold bars to connect, provide identification and transaction data to SBV. In particular, all connection information must be stored for at least 10 years from the date of connection to serve the inspection, examination and statistics work according to state management requirements.
TRADING STRATEGY
The stock market closed in the green at 1,666 points with liquidity slightly lower than the previous session. Cash flow circulated and tended to find individual stocks in the real estate, finance, and industrial services sectors. Meanwhile, selling pressure tended to increase in technology, retail, and chemical stocks. The VN-Index today is likely to fluctuate around the 1,660-1,675 point area.
The market had its third consecutive session moving sideways in a narrow range in the 1,650-1,670 point area with average liquidity at a low level. The general sentiment remained quite cautious in the sessions close to the NAV closing date for the third quarter. Large-cap stocks VN30 returned to the role of regulating the general index when selling pressure tended to increase in mid- and small-cap stocks. VN-Index is still in a short-term accumulation phase to stabilize the supply-demand balance before returning to an uptrend with the goal of testing the psychological resistance zone around 1,700 points. Investors should pay attention to controlling the portfolio proportion at a reasonable level, managing each individual stock, and limiting the impact of fluctuations in the general index. Disbursement activities should be prioritized in basic stocks with prospects of business results growth in the second half of the year, with stable price bases, near the support zone, and limit chasing when prices show signs of overheating.
Investor can see the full Newslwtter below:
