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Vietnam Daily Market Recap July 11, 2024 – Property sector Analyst Note
Daily Market Recap 11/07/2024 765
Market Commentary: Foreign investors net buy after selling for 25 sessions
Trading started out strong on Thursday with the market gaining nearly seven points in the opening minutes. But selling pressure appeared at around 10am and led the market lower throughout the day. The VN-Index closed down 0.2% to 1,283.8, while liquidity rose 15% compared to yesterday (VND18.5tn, USD771mn). The HNX-Index rose 0.3%, closing at 245.39.
Financial services (+1.1%) was the sector that gained the most today, led by SSI (+1.3%), VCI (+1.7%), VND (+1.5%), HCM (+1.4%), MBS (+3.9%) and FTS (+0.7%). Ms. Vu Thi Chan Phuong, Chairwoman of the State Securities Commission (SSC), had a meeting July 10 with Ms. Mariam Sherman, the new Country Director of the World Bank, regarding the goal of upgrading the stock market from frontier to emerging. In the coming time, the World Bank will continue to support Vietnam’s Ministry of Finance and the State Securities Commission in implementing programs and projects to strengthen market management and supervision capacity, and deploy solutions to achieve the goal of upgrading the status of the stock market.
Real estate (+0.9%) also bolstered the VN-Index, led by VHM (+0.5%), KDH (+1.7%), NVL (+1.9%), PDR (+2.4%) and DIG (+2.3%) amid positive news for the residential property sector (See our Analyst Note).
Vingroup companies led by VIC (+1.2%) contributed the most to the index’s gain today (0.5 points), followed by VHM (0.2 points) and VRE.
Foreign investors net bought VND231bn (USD9.6mn) for the first time in 26 sessions. Net buying focused on HDB (VND450bn, USD18.8mn), STB (VND330bn, USD13.7mn), ACV (VND206bn, USD8.6mn), SAB (VND170bn, USD7mn) and SCS (VND107bn, USD4.5mn).
In contrast, FPT continued to be strongly net sold (VND386bn, USD16mn) despite investor expectations of strong revenue growth of technology giants in 2Q24. Global technology stocks including TSMC, NVIDIA, Qualcomm and Broadcom have recently set new highs.
Read our full report: HERE