Vietnam Daily Market Recap August 21, 2024 – DPM, LPB Update & BCM Re-Initiation

Market Commentary: Stocks extend rally, led by banks

The VN-Index continued its bullish momentum during Wednesday’s trading session, closing up 0.9%, or 11.5 points, at 1,284.05. The index has risen four straight days and has gained 8% since August 5. The HNX Index also rose by 0.5%, reaching 238.42.

Nearly every sector was in the green today except F&B (-0.5%), Travel (-0.5%), Health care (-0.2%) and Industrial Goods & Services (-0.2%). Telecommunications (+2.3%) gained the most today, followed by Banks (+1.7%) and Media (+1.5%), led by VGI (+3.1%), VCB (+2.2%) and VEF (+3.8%).

SOCBs stood out as top performers today, with VCB, BID (+3.0%), and CTG (+3.0%) contributing 6.1 points to the VN-Index. Investors are hopeful that a plan for capital increases from retained earnings by SOCBs will soon be approved by the SBV in the second half of 2024.

FRT (+6.8%) nearly hit its ceiling price today due to positive results for 1H24. The pharmaceuticals segment, which accounts for 63% of FRT’s revenue, contributed VND11.5tn (USD461mn) in revenue (+67% YoY).

Foreign investors net sold today with a net trading value of VND218bn (USD8.7mn), focusing on HPG (VND157bn, USD6.3mn), MWG (VND97bn, USD3.9mn) and MSN (VND75bn, USD3.0mn). On the contrary, FPT (VND274bn, USD11mn), CTG (VND193bn, USD7.7mn) and VCB (VND131bn, USD5.3mn) were mainly bought.

Other top performers today included FPT (+2.6%) and MBB (+1.0%). Conversely, top laggards included PLX (-0.8%), DPM (-0.9%), SAB (-1.3%), and BCM (-1.6%).

Read our full report: HERE