Vietnam Daily Market Recap August 19, 2024 – GAS Update

Market Commentary:  VN-Index rises, led by autos, PNJ
The VN-Index popped higher at the open on Monday and never looked back, closing up 0.8%, or 9.4 points, to reach 1,261.6. The HNX also increased 0.4%, or 0.9 points, to 236.0.

Most sectors gained today, led by Banks (+0.8%) Basic Resources (+1.0%), Industrial Goods & Services (+1.5%), Automobiles & Parts (+3.4%), Media (+2.1%), and Utilities (+1.2%). On the other hand, Travel & Leisure (-0.6%), Financial Services (-0.2%), and Technology (-0.1%) were the only three sectors that fell.

The Automobiles & Parts sector jumped on news that the Government approved a 50% reduction in the registration fee for domestically manufactured and assembled cars for three months.

PNJ (+7%) hit its ceiling price as China’s central bank granted new quotas for some domestic banks to import gold, sparking a rally in the price of gold. Since January 2024, the gold spot price has increased around 21% while PNJ’s stock price has increased 22% during that period.

Foreign investors net sold today with VND84bn (USD3.4mn). The selling momentum focused on VHM (VND77bn, USD3.1mn), HPG (VND72bn, USD2.9mn), and TCB (VND50bn, USD2.0mn). Foreigners net bought VNM (VND137bn, USD5.5mn) and CTG (VND36bn, USD1.4mn).

Other top gainers today included VNM (+3.0%), GAS (+2.3%), VCB (+0.8%), TCB (+2.1%), and BID (+0.9%), which contributed an aggregate 5.0 points to the VN-Index. Conversely, top laggards included HVN (-1.4%), SSI (-0.9%), GEE (-3.9%), and PLX (-0.4%).

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