Vietnam Daily Market Recap Apr 17, 2024

Market sell-off continues amid futures contract expirations

We remind our readers that on the occasion of the Hung Kings Commemoration Day, Vietnam markets will be closed tomorrow. We will resume publication on Friday.

The VN-INDEX was little changed in the morning session but trading activity heated up in the afternoon as sellers stepped in to send the market down 23 points, or 1.9%, to 1,193 at the close. The HNX painted a similar picture, decreasing 1.2% to close at 226. Investor sentiment was influenced today by futures contracts expiring, coupled with ongoing instability in macroeconomic data. The VND/USD exchange rate shows no sign of stabilization, and gold prices remain anchored at high levels.

In contrast to the previous session, the banking sector exerted the most downward pressure on the market (-2.1%). Selling pressure also affected sectors that had experienced recent gains, such as property (-2.02%), financials (-3.4%) and chemicals (-3.5%).
Despite the overall decline in the banking sector, LPB bucked the trend with an increase of 3.3% today, emerging as the top performer amid investor expectations for positive business results in 1Q24.

Following one session of slight net buying, foreign investors reverted to net selling amid high volume of VND987bn (US$39mn) (compared to VND285bn, US$11mn average of 10 sessions). The most heavily sold stocks were FUEVFVND (VND340bn, US$13mn), VHM (VND146bn, US$5.7mn), and SHB (VND95bn, US$3.7mn).
Other top performers today included MSN (+1.1%), GMD (+2.7%), VNM (+0.3%) and QCG (+6.7%). Conversely, top laggards included BID (-4.4%), CTG (-4.0%), GVR (-5.6%), VIC (-3.0%), and VPB (-3.2%), which took away a combined -9.0 points from the index.

Read the full report: HERE