Vietnam Daily Market Recap Dec 09

Dear Valued Clients,

We would like to send you our Daily Market Recap for today

Market Commentary: The VN-INDEX edged up 1.0% to reach its thirty-two-month high

The VN-INDEX rose 1.0% to 1,039.1pts backed by Financials and Real Estate large caps’ advance. Following the U.S stock market positive sentiment with the Dow Jones Industrial Average rose 0.4% last night, the VN-INDEX opened in an optimistic manner and stayed in the green throughout today’s session. Notably, VCB became today’s largest mover, rose 3.7% to VND96,500, rallied by other Financials large caps of BID (+2.6%) and TCB (+3.0%), together contributed 5.5pts to the index. The momentum was fueled further by other Real Estate large caps of VIC (+1.0%) and NVL (+3.6%) to reach today’s intraday high of 1,039.6pts (+1.0%). On the other hand, SAB became today’s top laggard, dropping 2.6% to VND200,500. At the end of the session, the VN-INDEX climbed 1.0% to close at 1,039.1pts. The HNX-INDEX also rose 1.4% to land at 158.7pts.

Energy (+2.9%), Financials (+2.1%), and IT (+1.9%) rose, while Consumer Staples (-0.2%) and Materials (-0.1%) lost ground today. Top index movers included VCB (+3.7%), BID (+2.6%), VIC (+1.0%), TCB (+3.0%), and NVL (+3.6%). Top index laggards consisted of SAB (-2.7%), VIB (-1.2%), PHR (-3.4%), HPX (-3.2%), and POM (-6.8%).

Market News

Oil rises after attack on small oil fields near Iraq’s Kirkuk

Oil rallied after attacks on small oil fields in Iraq reminded the market that the country’s security challenges haven’t yet gone away. Brent futures rose as much as 1.5%, reversing an earlier loss. Civil defense teams are trying to put out a blaze at the wells in the Khabbaz field, local police said, though the impact on production is very small. (Bloomberg)

VASEP forecasts 2020 Vietnam’s seafood export value at US$8.6bn

The Vietnam Association of Seafood Exporters and Producers (VASEP) expects that Vietnam will be able to export seafood worth US$8.6bn this year thanks to a high demand at the end of the year. According to the association’s statistics, the country’s seafood exports constantly tumbled in the first half of the year due to the impact of Covid-19 and started recovering in July, the local media reported. The country reported a 10% year-on-year increase in seafood export value in September, 12% in October and 13% in November. Thanks to this recovery, Vietnam had earned more than US$7.8bn from seafood export value as of the end of November. Shrimp is a key export earner with monthly double-digit growth rates since June (year on year) of and a surge of 25% in September and October and 28% in November. The revenue from shrimp exports amounted to US$3.5bn in the 11-month period, up nearly 14% year-on-year. (Vietnamnet.vn)

Notable Corporate Events

Viet Nam Dairy Products JSC (VNM VN, HOSE) – Dividend payment: VNM has set 05 Jan 2021 to be the record date for paying the 2020 cash dividend of VND1,000/share, a company statement said. The payment will be made on 26 Feb 2021. (Ndh.vn)

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