Vietnam Daily Market Recap Dec 11

Stocks plunge as Vingroup-related tickers weigh on index

The VN-Index opened lower on Thursday and traded in negative territory throughout the session, closing down 1.2% at 1,698.9, with most of the decline attributed to Vingroup-related tickers, including VIC (-1.9%),  VHM (-2.3%) and VPL (-5.0%). Market liquidity declined, with total trading value decreasing 18.4% DoD to VND16.6tn (USD629mn). The HNX Index opened higher and traded around its reference price throughout the session, posting a milder decline of 0.2% at 255.9.

BMP (+7.0%) and NTP (+3.3%) surged today, as PVC futures in China plummeted to a new historical low of CNY4,345/tonne, dropping 10% QTD. With prices falling over 12% year-on-year, this sustained decline in key raw material costs significantly strengthens the outlook for margin expansion in Q4, boosting bottom-line growth for plastic producers.

Most sectors declined today, led by Travel & Leisure (-2.8%), Real Estate (-1.4%), and Financial Services (-0.9%). In contrast, Personal & Household Goods (+0.8%), Technology (+0.4%) and Insurance (+0.3%) posted a gain.

Top laggards today included VIC (-1.9%), VHM (-2.3%) and VPL (-5.0%). Top performers included SAB (+1.6%), BMP (+7.0%) and LPB (+0.7%).

Foreign investors net sold today with VND496tn (USD18.9mn), with selling momentum focused on VIC (VND191bn, USD7.2mn), STB (VND158bn, USD6.0mn) and VHM (VND106bn, USD4.0mn), while foreigners mainly bought FPT (VND240bn, USD9.1mn), MBB (VND71.4bn, USD2.7mn), and VIX (VND51.5bn, USD2.0mn).

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