Vietnam Daily Market Recap December 10, 2024 – HPG Update, GMD, HAH & VIC Analyst note

Daily Commentary – December 10, 2024: Stocks edge lower, led by real estate, chemicals

The VN-Index opened higher on Monday but gradually lost momentum throughout the afternoon session, closing down 0.1% to 1,272.1. Total trading value continued its downward trend, reaching VND11.5tn (USD453.5mn), marking a decrease of 9.9%. The HNX-Index was flat at 229.2.

Technology (+1.5%), Health Care (+1.2%), Insurance (+1.1%) and Basic Resources (+1.0%) gained today. Conversely, Real Estate (-0.6%), Chemicals (-0.6%), Food & Beverage (-0.5%) and Banks (-0.3%) were the
main laggards.

FPT (+1.7%) emerged as the key pillar supporting the index today. According to Nikkei Asia, Japan’s SBI Holdings is considering investing in the data center business of FPT Corporation, FPT Smart Cloud Japan, by the end of January 2025, aiming to acquire up to a 35% stake. This move is expected to enhance FPT’s financial resources and operational capabilities in Japan, strengthening its position in the competitive data center market. Moreover, it reflects growing investor confidence in the potential of FPT’s technology-driven ventures.

HPG (+0.9%) gained today following positive news about the Dung Quất 2 steel complex. Specifically, on December 5, 2024, Hoa Phat Dung Quat Steel Joint Stock Company, a subsidiary of Hoa Phat Group (HoSE: HPG), officially commissioned a 300-ton converter at the Hoa Phat Dung Quat 2 Integrated Steel Complex in Dung Quat Economic Zone, Binh Son District, Quang Ngai Province. The ceremony was attended by leading international partners, including SMS Group, WISDRI, and MINMETALS, marking a significant milestone in the trial operation of the project’s production system. Dung Quat 2 is not only a breakthrough in steel manufacturing but also solidifies Hoa Phat’s position on the global steel industry map, contributing to the elevation of Vietnam’s steel industry to international standards.

Foreign investors net sold today (VND131.8bn, USD5.2mn). Top selling are MWG (VND80.1bn, USD3.2mn), KDC (VND47.8bn, USD1.9mn), and VNM (VND33.9bn, USD1.3mn). Conversely, buying momentum focused on FPT (VND123.7bn, USD4.9mn), HDG (VND89.5bn, USD3.5mn), and DGC (VND30.1bn, USD1.2mn).

Today’s top gainers included FPT (+1.7%), HDB (+3.7%), and HPG (+0.9%). Top laggards were VCB (-0.8%), VIC (-1.6%) and VHM (-1.2%).

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