Daily Market Recap May 9, 2024

Market Commentary: Stocks little changed amid strong foreign net selling 

The VN-Index fluctuated Thursday between positive and negative territory throughout the trading session, but late selling pushed the market to close with a slight loss of 0.2%, or 1.82 points, to 1,248.64, breaking a steak of six consecutive days of gains. The HNX-Index closed flat (+0.03%) at 234.58.

Foreign investors continued to sell, with total value of VND3.2tn (USD125mn), focusing on VHM (+0.2%) (VND1.26tn, USD49mn), DGC (+1.9%) (VND137bn, USD5mn), and VHC (+2.1%) (VND78bn, USD3mn). Net bought stocks included HVN (+5.6%) (VND215bn, USD8.5mn), MWG (-0.3%) (VND110mn, USD4.3mn), and HPG (-0.8%) (VND87bn, USD3.4mn).

In the beginning of the morning session, the fisheries sector enjoyed a strong performance with VHC, ANV, IDI and FMC almost hitting their ceiling prices following the announcement that the US is considering Vietnam to have “market economy” status. However, the sector lost momentum and closed the session with more modest gains in VHC (+2.1%), ANV (+1.3%), IDI (+1.7%), and FMC (+3.5%).

Meanwhile, food & beverage stocks were weaker performers, with SAB (-2.2%), VNM (-1.9%), MSN (-1.2%) and QNS (-1.2%) falling.

CMG (+7%) hit its ceiling price for a second trading day after yesterday’s news of the company’s agreement with NVIDIA.

HVN (+5.6%) surged today on a recovery of the tourism industry. In April 2024, Vietnam welcomed 1.55 million international tourists (+58% YoY) while 4M24 reached 6.2 million (+68%), suggesting strong potential for the company’s growth in revenue and profits. Moreover, HVN’s impressive 1Q24 results also boosted investor confidence in its potential.

BCM (+6.4%), HVN (+5.6%) and CTG (+0.9%) led movers today with a total contribution of 1.9 points to the index, while GAS (-1.7%), VCB (-0.5%) and VNM (-1.9%) were today’s laggards, dragging the index down by 2.1 points.

Read the full report: HERE