Vietnam Daily Market Recap September 10, 2024

Market commentary: Stocks slide, led by media, financial services

The VN-Index opened higher on Tuesday, but buyers quickly lost momentum and the index closed down 1.0%, or 12.5 points, at 1,255.23. Losses were widespread as only 94 tickers rose while 320 declined. The HNX Index also decreased by 0.8%, ending at 231.69.

Nearly every sector fell today except Health Care (+0.2%). The Media sector (-2.9%) fell the most today, followed by Financial services (-1.9%) and Basic Resources (-1.9%), led by VEF (-2.9%), SSI (-1.5%) and HPG (-1.8%).

BMP (+4.1%) had a strong gain amid the market decline. Investor optimism was bolstered by BMP’s business performance in 2H24, as a downward trend in PVC resin input prices is expected to help BMP expand its gross profit margin. We forecast BMP’s gross profit margin to rise to 45% (+4% pts YoY) in our latest update.

Foreign investors continued their net selling today with a net trading value of VND386bn (USD16mn), focusing on MSN (VND109bn, USD4.5mn), FPT (VND105bn, USD4.3mn) and VPB (VND79bn, USD3.2mn). On the contrary, VHM (VND73bn, USD3.0mn), VNM (VND68bn, USD2.8mn) and CTG (VND50bn, USD2.0mn) were mainly bought.

Other top performers today included VJC (+1.2%), TPB (+1.1%), MWG (+0.4%) and LPB (+0.5%). Conversely, top laggards included VCB (-1.3%), BID (-1.1%), HPG (-1.8%), TCB (-1.8%) and SSB (-6.1%).

Read the full report: HERE