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Vietnam Daily Market Recap July 10, 2024

Daily Market Recap 10/07/2024    68

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Market Commentary: VN-Index drops on profit taking following seven days of gains

The VN-Index opened higher on Wednesday and traded in the green for most of the morning session. However, in the afternoon, strong selling pressure dragged the index to close down 0.6%, or 7.8 points, to 1,285.94, breaking a seven-day winning streak. The HNX Index also dropped by 0.5% to 244.54.

Nearly every sector fell today except Telecommunications (+2.3%), Media (+0.5%) and Basic resources (+0.1%). The Technology sector (-2.2%) fell the most, followed by Chemicals (-1.7%) and Retail (-1.7%), led by FPT (-2.6%), GVR (-2.6%) and MWG (-2.4%), as investors took profits after recent strong gains. 

Stocks related to hydropower, including REE (+2.5%), HDG (+4.6%), and HNA (+6.4%), had a positive trading session after news of a surge in hydroelectric output recorded in June (+50% MoM), marking the return of the La Nina weather pattern.

Foreign investors had their 25th consecutive net selling session today with a net trading value of VND859bn (USD34mn), focusing on FPT (VND237bn, USD9.3mn), VCB (VND168bn, USD6.6mn) and MWG (VND122bn, USD4.4mn). On the contrary, MBB (VND104bn, USD4.1mn), VIP (VND21bn, USD800,000) and VTO (VND19bn, USD700,000) were mainly bought.

Other top performers today included VCB (+0.6%), MBB (+0.7%), PLX (+1.2%) and MSN (0.4%). Conversely, top laggards included BID (-1.3%) and LPB (-2.4%).

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