Vietnam Daily Market Recap September 13, 2024 – QNS Update

Market commentary: Brokerages, property bright spots in down day

The VN-Index traded in negative territory throughout Friday’s session, closing down 0.4%, or 4.46 points, to end at 1,251.71, its fourth day of declines in the last five. 163 stocks gained while 210 declined. However, total trading value increased 6.9% from yesterday to VND11.2tn (USD457mn). In contrast, the HNX-Index gained 0.52 points (+0.22%) to close at 232.42.

For the week, the VN-Index declined 1.8% (-22.25 points). Total trading value decreased 22.4% compared to the previous week (VND12.4tn/USD506mn). Although investors may have had concerns regarding the impact of Typhoon Yagi, as we published yesterday, we don’t see significant downward pressure on any of our covered stocks.

Utilities (-1.1%) was the sector that fell the most today, followed by Food & Beverages (-0.5%), Telecommunication (-0.5%), Retail (-0.2%), and Basic Resources (-0.3%).

GAS (-2.3%) took away 1.12 points from VN-Index even though today’s session is the ex-rights trading day to issue bonus shares of and pay 2023 cash dividends of 60%.

Foreign investors net sold today with VND72bn (USD3mn). VHM was most net sold at VND189bn (USD7.9mn) and MWG (VND124bn, USD5.2mn). In contrast, buying momentum focused on FPT (VND195bn, USD8.2mn), STB (VND83bn, USD3.5mn) and DXG (VND56bn, USD2.3mn).

Financial Services (+0.6%) gained the most today, led by SSI (+0.2%), HCM (+1.2%), SHS (+0.7%), FTS (+2.3%), SHS (+0.7%) and MBS (+1.9%). On September 12, 2024, the State Securities Commission held a meeting on draft amendments and supplements to circulars that regulate transactions on the securities trading system, the clearing and settlement of securities transactions, the operations of securities companies and information disclosure to the market. This development is aimed at removing obstacles and moving toward upgrading the market’s status, and is being closely directed by the Government and the Ministry of Finance.

Property stocks (+0.3%) also performed well thanks to the positive sentiment when transaction revenue showed good in HCMC recently. HCMC estimated property sector revenue for the first eight months of the year reached VND173tn, a 6.1% increase YoY. The strength of DXG (+4.8%) spilled over to other real estate stocks, including VRE (+1.6%), KDH (+0.3%), VGC (+1.7%), PDR (+1.7%) and NLG (+2.1%). NVL rose 1.3% after three sessions of sharp declines. NVL had fallen on news that it was not allowed to be traded on margin due to a delay in disclosing the audited semi-annual financial report for 2024.​

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