1. Financial market News
VN-Index slumps, ending recovery streak
The VN-Index slumped 0.5 percent to 850.74 points Friday, ending a near two-week recovery streak that saw it climb by over 6 percent. The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, saw 239 tickers lose and 145 gain. Total trading volume improved 10 percent over the previous session, reaching VND5.16 trillion ($222 million) worth of shares. The HNX-Index for the Hanoi Stock Exchange, home to mid- and smaller-caps, also slipped 0.31 percent, and the UPCoM-Index for the Unlisted Public Companies Market shed 0.21 percent. On Friday, the VN30-Index for the stock market’s 30 largest caps slipped 0.39 percent, with 16 tickers losing and nine gaining. Leading losses were ROS of real estate developer FLC Faros, down 2.2 percent, MSN of food conglomerate Masan Group, 1.8 percent, and SSI of top brokerage Saigon Securities Inc., 1.7 percent
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2. Banking news
Banks to increase capital in the end of the year
More than eight months have passed, but the plan to issue more shares to shareholders and conduct private placements of many banks has not been implemented, causing the pressure to increase capital in the last months of the year.
In recent years, the issuance of additional shares to existing shareholders and carry out private placement of banks has encountered certain difficulties. Particularly, in the context of the ongoing Covid-19 epidemic, the State Bank of Vietnam (SBV) requires banks to cut costs, not pay dividends in cash to focus resources to support businesses hit by the epidemic. Thus, banks have shifted to increase dividend payment in shares in order to raise capital.
Detailed information here.
3. International finance News
Stocks making the biggest moves premarket: Apple, Alphabet, Applied Materials
Apple (AAPL), Alphabet (GOOGL) - Apple and Alphabet’s Google unit are being sued by Epic Games, the developer of the popular videogame Fortnite, after both removed Fortnite from their app stores. Both claim that Epic violated guidelines regarding in-app purchases to avoid fees. Separately, Apple is on watch after coming close to a $2 trillion valuation in Thursday’s trading. Apple hit a high of $464.17, coming close to the $467.77 level needed to hit that $2 trillion mark.
Detailed information here.