THE FACTOR THAT AFFECT THE VALUE OF SECURITIES LISTED ON THE HO CHI MINH STOCK EXCHANGE (HOSE)

Abstract

The studies the factor that affect the value of securities listed on the Ho Chi Minh stock exchange (HOSE) using the VAR model. This study expanded the research Vietnam earlier (Hussainey and Le (2009) used two variable interest rate and industrial production is to add some variables in the VAR model, using seven variables: IPI industrial production index, the consumer price index CPI, money supply M2, EXC rate, interest rate IR, OIL prices and the MCSI EM index.

In analysis results shows that stock market Vietnamis a weak information at macro variablesin the short –term that affects stock prices in the short term unless oil prices, money supply, interest rates and MSCI EM. However, in the long term the Vietnamese stock market is correlated with the basic macroeconomic factors.