Vietnam Daily Market Recap December 31, 2024 – CTD Update

Stocks fall on final day of 2024 but deliver solid returns for the year

In the final session of 2024, the VN-Index was subdued, trending downward in negative territory throughout most of the day with minimal volatility. During the ATC session, a sudden surge in selling pressure led the index to close down by 0.4%, settling at 1,266.8. Trading volume continued to contract by 5% compared to yesterday’s session to VND9.6tn (USD376.6mn). The HNX-Index followed a similar trend to close down 0.3% at 227.4.

Sectors that had the most negative impact on the index included Banks (-0.7%), Basic Resources (-1.4%), Financial Services (-0.8%) and Food & Beverage (-0.7%). Conversely, Technology (+1.0%), Construction & Materials (+0.3%), Travel & Leisure (+0.4%), and Healthcare (+0.6%) gained today.

FPT (+1.3%) continues to break records, reaching its highest-ever level and concluding 2024 with an impressive 85% increase since the beginning of the year, bringing its market capitalization to a record VND225tn (USD9.0bn). FPT has now become the largest private company listed on the Vietnamese stock exchange, with its value only surpassed by four state-owned entities: Vietcombank, BIDV, ACV, and Viettel Global. The company’s growth momentum is driven by strong business performance. For the first 11 months of 2024, FPT estimates revenue at VND56.4bn (USD2.3bn) and pre-tax profit at VND10.2bn (USD420mn), increases of 19.5% and 19.8% YoY, respectively. Profit after tax attributable to the parent company’s shareholders grew 21.1% to VND7.3bn (USD295mn). FPT’s results in the first 11 months of the year completed 91% of its revenue target and 94% of its profit target.

Foreign investors net sold VND301.8bn (USD13.98mn) today. Selling momentum focused on VCB (VND131.7bn, USD6.1mn), BID (VND73.3bn, USD3.4mn) and STB (VND69.3bn, USD3.2mn). In contrast, they bought FRT (VND71.8bn, USD3.3mn) and CTG (VND67.8bn, USD3.1mn).
Top gainers today included FPT (+1.3%), ACB (+1.6%), and TCB (1.0%). In contrast, the top laggards were CTG (-2.8%), VCB (-0.9%), and BID (-1.8%).

After strong gains through the first half of 2024, the VN-Index moved sideways for much of the second half, facing periods of volatility and consolidation and strong resistance at the 1,300 level. It declined 0.4% for 2H24 and 0.3% for 4Q24, but finished the year with strength by rising 0.9% in December to close the year with a solid return of 12.1%, reflecting its ability to navigate a challenging global economic and geopolitical environment. We enter 2025 still in search of a catalyst to break through 1,300.

Read the full report: HERE