Vietnam Daily Market Recap Apr 16, 2024 – ACV, IDC & PNJ AGM Note

Stocks rally in afternoon to close flat

After a sharp decline yesterday, the VN-Index fluctuated between negative and positive territory in the morning before dropping as much as 1.9% to 1,193 in early afternoon. However, as the VN-Index fell below the psychological resistance level of 1,200, buyers stepped in to lead a rally that left it down just 0.1% at 1,215.7 at the close. The HNX followed a similar pattern, closing at 228.83 (-0.4%).

Bank stocks were in the green today due to improved Q1 earnings, driven by accelerated credit growth compared to the same period last year. LPB (+4.0%) led the sector’s gains but, due to its limited market capitalization, it only contributed 0.5 points to the VN-Index. The top market movers today were mainly bank stocks including TCB (+2.5%), BID (+1.2%), CTG (+1.8%) and MBB (+2.1%).

The technology, chemical, and telecommunications sectors were among the gainers throughout the session, led by FPT (+1.25%), VGI (+1.96%) and DGC (+2.16%).

Conversely, the real estate sector (-0.9%) recorded the worst performance. NVL experienced the sharpest decline at -4.55%, followed by DXG (-4.34%). Following closely behind were construction & materials stocks (-0.7%), with some steel stocks experiencing significant net selling by foreign investors, such as NKG (-1.6%), with net sold value of US$1.6m and HSG (-2.6%) with net sold value US$1.4m.

Foreign investors net bought VND114bn (US$4.6m) today. SSI was the most heavily bought ticker, with net purchases amounting to around VND90bn (US$3.6m). On the other hand, VHM (+0.7%), VNM (-1.4%), VRE (-1.3%), VCB (-1.1%) and VIC (-1.3%) were the top five stocks sold the most by foreigners, with a total net selling value of US$18.6m. As a result, VCB, VIC, and VNM were the three biggest laggards in the market.

Read the full report: HERE.