Hanoi (VNA) – The stock market’s growthin the first quarter of 2019 was fairly positive with 15 out of the 18 sectorsgaining higher scores and a strong flow of money poured into the market throughexchange traded funds.
The statement was revealed by Dao Tuan Trung, headof the research centre at Vietinbank Securities, at a conference assessing thedevelopment prospects of Vietnam’s economy and stock market in 2019.
He forecast that the profit growth of businesseslisted on the Ho Chi Minh Stock Exchange (HOSE) will reach 7.51 percent thisyear. At the end of 2019, the VN-Index is projected to stand between 920 and950 based on the anticipation of interest rate, profit and price-to-earningsratio.
According to Nguyen Duc Thanh, Director of theInstitute for Economic and Policy Research (VEPR), Vietnam’s economyexpanded by 6.79 percent in the first three months of this year. However, it dependedheavily on foreign-invested enterprises, and the growth rate of some industriesshowed signs of slowing down, he said.
Inflation is likely to increase due to the pricehike of energy and the enactment of environmental protection taxes. Thisrequires prudent management from the State Bank of the money supply and creditgrowth in the coming time, he suggested.
General Director of FiinGroup Nguyen Quang Thuansaid the banking sector recorded impressive growth in January-March, with thenet profit of 17 banks increasing by 12 percent.
The profit prospects for businesses have goodsigns with the earnings per share (EPS) expected at about 14.5 percent in 2019and mainly from large-scale enterprises, he added. –VNA