Vietnam Daily Market Recap July 01, 2024 – ACV Update

Market Commentary: Second half starts in the green, but on low liquidity

After losing nearly 40 points in the previous week, the VN-Index spent most of the morning session trading in the red, but a strong afternoon rally bolstered the market to close up 0.7%, or 9.2 points. to 1,254.5. The rally lacked momentum though. Total trading value on HOSE reached USD433mn, the lowest level since April 26. The HNX also increased 0.4%, or 0.9 points, to 238.5 points.

The Retail (+2.4%) and Travel & Leisure (+1.7%) sectors rose the most today. Banks also rose by 1.0% with nearly all the stocks of that sector increasing, led by VDS (+6.0%), FTS (+3.8%), VCI (+2.2%), MBS (+2.2%) and VND (+0.3%). VDS (+6.0%) jumped as it completed the issuance of 33 million additional shares, of which, more than 24 million shares will go to pay dividends to existing shareholders while 8.85 million are ESOP shares for employees.

VRE (+6.9%) hit its ceiling price thanks to news of Vincom opening shopping centers in Dien Bien Phu and Ha Giang.

MWG (+5.4%) was also one of the top performers today after reporting 6M24 net profit is estimated to reach VND1.43tn (USD56.1mn), over eight times its 2023’s net profit as Bach Hoa Xanh is believed to have started making a profit after nearly a decade of losses.

Foreign investors continued to sell today, marking an eighteenth consecutive session of net selling with a net trading value of VND744bn (USD29mn), with selling focused on FPT (VND248bn, USD9.7mn), TCB (VND91bn, USD3.5mn) and VHM (VND73bn, USD2.8mn). On the contrary, VPB (VND73bn, USD2.8mn), VCI (VND38bn, USD1.5mn) and MCH (VND24bn, USD1mn) were mainly bought.

Others top gainers today included CTG (+3.2%), VCB (+1.0%), BID (+1.5%), and HVN (+3.9%), which contributed an aggregate 6.5 points to the VN-Index. Conversely, top laggards included TCB (-3.0%), FPT (-1.4%), POW (-2.3%) and LPB (-1.0%).

Read our full report: HERE