Vietnam Daily Market Recap June 16

Stocks surge, led by oil & gas as mideast tensions escalate

The VN-Index opened higher on Monday and traded in the positive territory throughout the session, closing up 1.7% at 1,338.1. However, market liquidity declined, with total trading value decreasing 23.4% DoD to VND20.8tn (USD799.4mn). The HNX Index followed a similar pattern, posting a gain of 1.5% to close at 228.1.
Most sectors increase today, led by Oil and Gas (+6.4%), Chemicals (+3.1%) and Insurance (+3.0%). Only Travel & Leisure (-0.2%) and Automobiles & Parts decrease today.
Vietnam and the US have made significant progress in their third round of tariff negotiations held in Washington DC, successfully narrowing differences across all discussed areas. The Vietnamese delegation engaged in constructive, frank discussions aimed at finding mutually acceptable solutions. Both sides will continue virtual meetings to resolve remaining issues, aiming to accelerate an agreement based on new ideas proposed during the talks.
Oil & Gas (+6.4%) surged, as an escalating conflict between Israel and Iran pushed oil prices higher. Brent oil price surged 10.0% since Wednesday to USD72.8/bbl, fueling a rally in Vietnamese oil and gas stocks, which traditionally thrive when crude prices are high.
Foreign investors were net buyers today with a total net buying value of VND985.3bn (USD37.9mn). Buying momentum focused on FPT (VND314bn, USD12.1mn), VPB (VND205bn, USD7.9mn) and HPG (VND181.4bn, USD7.0mn). On the other hand, they net sold STB (VND65.6bn, USD2.5mn), VCI (VND56.8bn, USD2.2mn) and PVD (VND54.4bn, USD2.1mn).
Top performers today included GAS (+7.0%), VPL (+6.6%) and TCB (+3.5%), while top laggards included VHM (-1.5%), HVN (-0.5%) and VIC (-0.1%).

Read the full report: HERE