Weekly Report

[Market Commentary] Stocks post small gain in closing auction as banks and property stocks support the market after Vietnam confirms tenth coronavirus case that stalls morning rebound. [Futures/ETFs] Futures briefly trade at 850 as volatility in the cash market sees a pickup in trading volumes for February contracts. [Market Movers] MBB, VJC [Macro/Strategy] January PMI & IP [Sector Updates] Coronavirus impacts on Vietnam’s airlines

China stimulus measures helped narrow losses after the VNIndex fell as much as 4.8% and traded briefly below 900 in the morning session on news of three more corona virus cases in Vietnam and plunging Chinese shares.

[Market Commentary] Corona virus fears send Ho Chi Minh stocks lower for another day; airlines fall as the government suspends visas to Chinese tourists; oil & gas stocks drop on another cut in pump prices; banks bounce back after the government announces the road map for capital injections into the state-owned banks and the pharmaceuticals rally strengthens. [Futures/ETFs] February contracts ended in contango after bottom fishing lifts the active contract from the low of the day amid the region-wide sell off sparked by France’s announcement of 4Q19 GDP contraction into fragile markets. [Market Movers] HPG, CTG [Macro/Strategy] Macro Updates [KBSV Model Portfolio] [ADD] Vietinbank (CTG) [REMOVE] PetroVietnam Drilling & Well Services (PVD)

[Market Commentary] Ho Chi Minh stocks turned negative for the year after falling sharply on the further spread of the corona virus as investors returned from the Tet holidays. [Futures/ETFs] February contracts closed at the low of the day after failing to rebound in the afternoon session amid light trading ahead of the VN30 Index rebalancing tomorrow. [Market Movers] MWG, HPG

[Market Commentary] Steel stocks and the big state-owned banks extended gains to push the VNIndex higher, while beer companies weighed on the market on weak holiday beer sales. [Futures/ETFs] Foreigners accelerated profit taking as February contracts surged in the market close on hopes for better earnings in 2020 to end the session at the high of the day. [Market Movers] SAB, TCM

[Market Commentary] Vietnam bucked the regional trend and stocks traded higher on strong 4Q earnings numbers from blue chips as they submitted their final year-end results yesterday to meet the regulatory deadline. [Futures/ETFs] February contracts closed higher as blue chips rally on strong quarterly earnings despite the region-wide pullback. [Market Movers] TCB, GAS, FPT [Macro/Strategy] January Index Rebalancing

[Market Commentary] Stocks ended mixed, with strength in retailers helping the VN30 index close higher but the heavier weighting of Vietcombank (VCB) in the VNIndex causing the broad market index to close modestly lower. [Futures/ETFs] Futures closed near the highs of the day and avoided the late afternoon sell off in the region as retailers support the VN30 index ahead of the Tet holidays. [Market Movers] PNJ, NT2, MWG [Macro/Strategy] 2019 Fiscal Overview

[Market Commentary] Vietcombank (VCB) hit a new record high and pushed stocks higher despite weakness in real estate stocks as the central bank reiterates its plan to reduce risky loans in the property sector. [Futures/ETFs] VN30 futures posted gains as foreigners actively bought February contracts today after regional indices moved higher with China reporting 4Q GDP at 6%. [Market Movers] POW, KBC, MPC [Macro/Strategy] Petrol prices & January CPI

[Market Commentary] Stocks closed higher led by another session of strong performance from the banks with the successful launch of the new financials ETF and the Bank for Investment & Development (BID) and Vietinbank (CTG) trading at 52-week highs. [Futures/ETFs] As investors limit using the leverage due to upcoming long Tet holiday, the derivative market became less active amid low liquidity despite the expiration of January contracts. [Market Movers] ACB, HVG

[Market Commentary] Bank shares help Vietnamese stocks post modest gains as reports of rent at new peaks and weaker outlook for real estate in 2020 weighed on property stocks. [Futures/ETFs] January contracts rose modestly as foreigners took profits into the expiration in light holiday trading [Market Movers] REE, TCM [Macro/Strategy] US Treasury Watchlist