Vietnam Daily Market Recap July 09, 2024

Market Commentary: Stocks extend hot streak

The VN-Index was little changed after the first 45 minutes of trading on Tuesday but rallied the rest of the session, closing up 0.8%, or 10.2 points, to 1,293.7. The index has enjoyed seven straight days of gains, jumping 3.8% over that period. The HNX Index also increased, adding 1.0%, or 2.5 points, to close at 245.7.

The banking sector (+0.9%) rose while individual bank tickers were mixed, with HDB (+3.5%), MBB (+2.0%) and VCB (+1.0%) leading gainers and LPB (-0.9%) and TCB (-0.4%) among the laggards.

Construction & Materials (+1.2%) jumped in today’s trading session as PC1 (+6.9%) hit its price ceiling.

The chemical and fertilizer group (+2.7%) continued its upward momentum with BFC (+6.9%) and CSV (+6.9%) hitting their ceiling prices for two consecutive sessions (See our Analyst Note in yesterday’s report).

Personal & Household Goods (+0.3%) closed in the green, led by SAV (+6.5%). We believe the main reason for the increase in SAV stock could be that it has benefited from the recovery in demand for wood and wooden furniture products in the international market. According to the Forestry Department, the total export value of wood and wooden products increased sharply by 21.2% YoY in 6M24, reaching VND201bn (USD7.9bn).

GVR (+4.1%) was the leading contributor to the VN-Index today. The shares have surged 38% since April 23. Investors seem to expect strong Q2 earnings following news that rubber export volume rose 78% MoM in June with an average rubber export price of USD1,586/ton, -0.5% MoM but +19.6% YoY.

In contrast, Industrial Goods & Services (-0.8%), Technology (-0.7%) and Travel & Leisure (-1.4%) fell today, including ACV (-1.7%), FPT (-1.5%) and HVN (-3.0%).

Read our full report: HERE