Vietnam Daily Market Recap August 12, 2024

Market Commentary: Stocks continue recovery, led by financials, tech

The VN-Index was little changed for most of Monday’s trading session but rallied in the last hour to close up 0.5%, or 6.6 points, to reach 1,230.8. After plunging 3.9% last Monday, the index has risen four of the last five days for a 3.6% increase over that period. The HNX increased 0.6%, or 1.4 points, to 230.7 today.

Most sectors gained today, led by Banks (+0.5%), Financial Services (+1.1%), Technology (+2.1%), Retail (+1.2%), Utilities (+0.5%), and Chemicals (+1.8%). On the other hand, Real Estate (-0.6%), Industrial Goods & Services (-0.1%), Basic Resources (-0.5%), and Media (-0.1%) were the only four sectors that fell today.

MSB (+3.6%) jumped today after announcing it plans to issue a 30% stock dividend, which would make MSB the bank with the highest dividend payout this year.

FPT (+2.4%) was the top contributor to the index today amid news that it is promoting the development of GPU rental services (GPUaaS) with a high gross margin of 30%. Moreover, Phase 1 of the data center in District 9, Ho Chi Minh City is expected to begin in 3Q24.

Foreign investors net bought today with VND60bn (USD2.3mn). The buying momentum focused on HDB (VND205bn, USD8.1mn), FPT (VND150bn, USD5.9mn), MWG (VND142bn, USD5.6mn) and CTG (VND28bn, USD1.1mn). Foreigners net sold VJC (VND254bn, USD10.1mn) and HPG (VND56bn, USD2.2mn).

Other top gainers today included HVN (+7.0%), GVR (+2.2%), MWG (+1.5%), GAS (+1.1%) and MBB (+1.1%), which contributed an aggregate 3.7 points to the VN-Index. Conversely, top laggards included VHM (-1.9%), VIC (-1.5%), HPG (-0.8%) and VNM (-0.4%).

Read our full report: HERE

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