Vietnam Daily Market Recap November 13, 2024 – HAH Update & Steel Sector Analyst Note

Stocks rebound from intraday decline, led by banks, real estate

The VN-Index dropped sharply in the morning session but recovered in the afternoon to close up 0.1% to 1,246.04. A similar trend appeared in the HNX-Index, though a weaker recovery in the afternoon led to it closing down 0.2% at 226.21.

The market was mixed, with Banks (+0.2%) acting as the main support, alongside Real Estate (+0.3%), Industrial Goods & Services (+0.7%), and Food & Beverage (+0.3%). On the other hand, Utilities (-0.5%) and Telecommunications (-0.7%) dragged on the market.

Stocks contributing most positively to the market’s rise included VCB (+0.7%), MWG (+1.8%), VPB (+1.3%), and HVN (+3%), with VCB alone adding 0.8 points to the index, more than any other stock. At the end of June 2024, Vietcombank had exceeded the disbursement target of its credit program for the forestry and fisheries sectors. On Tuesday, Vietcombank announced a new credit program for these sectors with a target more than triple the previous one, reaching VND10tn (USD394.4mn).

Steel companies HPG (-1.6%), HSG (-1.0%), NKG (-2.4%) and TVN (-2.6%) all fell today. The declines of steel stocks followed the Ministry of Industry and Trade’s announcement yesterday, to cease and not renew anti-dumping duties on cold-rolled stainless steel imports from China, Indonesia, Malaysia, and Taiwan. (See our Analyst Note.)

Conversely, BID (-0.3%), GVR (-1.1%), and HPG (-1.6%) were stocks that pulled the VN-Index down, with HPG alone dragging down the market by 0.7 points.

Foreign investors maintained their selling trend, with net selling value reaching VND166.5bn (USD6.6mn) today. Selling momentum focused on SSI with VND54.9bn (USD2.2mn), HPG with VND43.4bn (USD1.7mn), VPB with VND104.2bn (USD4.1mn), and HDB with VND64bn (USD2.5mn). Buying momentum centered on MWG with VND50.4bn (USD2mn), STB with VND47.3bn (USD1.9mn), and KBC with VND47.1bn (USD1.9mn).

Read the full report: HERE