ASEAN’s best stock market in 2013: Vietnam

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bullbearvnStocks in Vietnam surged over 20 per cent in 2013, ranking the country as the best-performing emerging market in Asia as investor confidence enjoyed a boost from the government’s reform agenda.

The strongest performers of the year were the country’s largest stocks, which got most attention from foreign investors, while smaller stocks were avoided, according to local fund managers.

Hoa Phat Group JSC, Vietnam’s biggest steelmaker, ended the year 93.6 per cent higher, while energy company PetroVietnam enjoyed large gains in its listed companies. PetroVietnam Drilling & Well Services JSC rose 76 per cent while PetroVietnam Gas JSC added 70.9 per cent.

The benchmark Ho Chi Minh stock index was up 20.9 per cent by December 31, while the secondary Hanoi Stock Exchange benchmark closed the year 17.3% per cent higher. By comparison, the MSCI Southeast Asia index, a broad measure of the performance in neighboring markets, was up just 0.6 per cent.

Vietnam’s markets showed unusual resilience earlier in the year to foreign outflows that hobbled regional peers during the summer months, when it looked likely that the US Federal Reserve would scale back its bond-buying, thereby cutting off a source of cheap money that had driven emerging-market equities since the financial crisis.

 

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Reading Time: 1 minute

Stocks in Vietnam surged over 20 per cent in 2013, ranking the country as the best-performing emerging market in Asia as investor confidence enjoyed a boost from the government’s reform agenda.

Reading Time: 1 minute

bullbearvnStocks in Vietnam surged over 20 per cent in 2013, ranking the country as the best-performing emerging market in Asia as investor confidence enjoyed a boost from the government’s reform agenda.

The strongest performers of the year were the country’s largest stocks, which got most attention from foreign investors, while smaller stocks were avoided, according to local fund managers.

Hoa Phat Group JSC, Vietnam’s biggest steelmaker, ended the year 93.6 per cent higher, while energy company PetroVietnam enjoyed large gains in its listed companies. PetroVietnam Drilling & Well Services JSC rose 76 per cent while PetroVietnam Gas JSC added 70.9 per cent.

The benchmark Ho Chi Minh stock index was up 20.9 per cent by December 31, while the secondary Hanoi Stock Exchange benchmark closed the year 17.3% per cent higher. By comparison, the MSCI Southeast Asia index, a broad measure of the performance in neighboring markets, was up just 0.6 per cent.

Vietnam’s markets showed unusual resilience earlier in the year to foreign outflows that hobbled regional peers during the summer months, when it looked likely that the US Federal Reserve would scale back its bond-buying, thereby cutting off a source of cheap money that had driven emerging-market equities since the financial crisis.

 

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