Vietnam Daily Market Recap October 25, 2024 – ACB & VHC Earnings flash

Market commentary: Stocks pull back, led by F&B, chemicals

The VN-Index opened higher on Friday but investors couldn’t maintain buying momentum and the index closed down 0.4% at 1,252.7 for its fifth day of losses in the last six. Total trading value decreased 13.7% from yesterday to VND13.8tn (USD543.5mn). The HNX-Index (-0.03%) was flat at 224.6.

Almost all sectors fell, led by Banks (-0.3%), Real Estate (-0.2%), Food & Beverage (-0.7%), Chemicals (-1.2%), Industrial Goods & Services (-0.2%), Utilities (-0.2%), Construction & Materials (-0.3%), and Financial Services (-0.1%).

Real Estate sector stocks were mixed as VHM was flat after yesterday’s sharp decline, KDH (-1.5%) and NLG (-0.4%) fell, while DXG (+2.2%), PDR (+1.4%), DIG (+1.9%), and CEO (+2.0%) gained. DXG is restarting the Gem Riverside project in Thu Duc, and once this project is launched for sale, DXG’s cash flow difficulties are expected to be alleviated. However, the company’s decision to cancel all previously signed purchase contracts and restart the project at a higher price poses reputational risk.

Foreign investors net sold VND412.6bn (USD16.3mn) today. Selling momentum focused on MSN (VND258.1bn, USD10.2mn), DGC (VND78.1bn, USD3.1mn), TCB (VND66.3bn, USD2.6mn), HPG (VND48.4bn, USD1.9mn), and VCI (VND38.7bn, USD1.5mn).

For the week, the VN-Index fell 2.6%, extending losses from the previous week, when the index dropped 0.2%. Foreign investors continued to net sell this week with net selling value reaching VND1tn (USD39.4mn), 50% lower than last week. Liquidity was little changed this week, with total trading value 2.6% lower compared to the previous week, averaging VND15.5tn (USD610.8mn).

Top performers today included VPB (+0.5%), LPB (+0.9%), VCB (+0.1%), VTP (+4.3%) and PGV (+2.0%). Top laggards included BID (-1%), GVR (-2.0%), VIC (-1.2%), MSN (-1.7%) and CTG (-0.7%).

Read the full report: HERE