Vietnam Daily Market Recap September 05, 2024 – BSR & VCB Update

Market commentary: VN-Index drops, led by telecom, tech

The VN-Index popped higher at the open on Thursday before losing its upward momentum in the middle of the morning session to eventually close down 0.6%, or 7.6 points, to 1,268.21. The HNX Index fell by 0.5%, reaching 234.96.

Telecommunications (-2.5%) was the worst performing sector, led by VGI (-3.2%) and FOX (-0.8%). Technology (-1.7%) also slid, led by FPT (-1.8%) and VNZ (-0.3%) while Oil & Gas (-1.7%) and Chemicals (-1.7%) also fell, led by BSR (-1.3%), PLX (-2.0%), and GVR (-2.3%). Almost every sector fell today, except for Media (+0.7%), Real Estate (+0.6%) and Automobiles & Parts (+0.4%).

VHM (+2.9%) and VIC (+2.4%) were the biggest gainers, contributing 3.1 points. These two stocks jumped on news that Vinhomes Co Loa will launch on September 6. It is rumored that this project will be open for sale at a high price of VND300mn/sqm (USD12,045/sqm), which boosted investor sentiment toward the earnings potential of VHM and parent VIC.

Foreign investors continued to net sell today with a net trading value of VND672bn (USD27mn), focusing on FPT (VND272bn, USD10.9mn), HPG (VND92.4bn, USD3.7mn) and VPB (VND88.7bn, USD3.6mn). On the contrary, VHM (VND197bn, USD7.9mn), VNM (VND94.4bn, USD3.8mn) and FUEVFVND (VND63.3bn, USD2.5mn) were mainly bought.

Other top performers today included VHM (+2.9%), VIC (+2.4%), VNM (+0.5%), and HNG (+6.9%). Conversely, top laggards included VCB (-0.8%), FPT (-1.8%), GVR (-2.3%) and MBB (-1.8%).

Read the full report: HERE