Vietnam Daily Market Recap February 10, 2025 – 4Q24 Earnings Review, BAF, QNS, VNM, Steel sector news

Stocks plunge on tariff news

On Monday, global stocks fell on news of US President Donald Trump’s intention to impose a 25% tariff on all steel and aluminum products, as well as several potential reciprocal tariffs for other countries, raising concerns regarding retaliation by the US on its trading partners. This seems to be a theme so far this year: stocks plunge when Trump announces tariffs, they rally when he cancels the tariffs. The VN-Index opened lower and continued in negative territory the whole session, closing down 0.9% at 1,263.2, ending a four-day winning streak. Total trading value reached VND18.6tn (USD732.9mn), indicating a 27.9% increase from last Friday. The HN-Index also dropped 0.6% to 227.9.

Steel stocks, including NKG (-3.5%), HSG (-4.5%), and HPG (-4.6%), fell sharply on news of impending US tariffs on steel imports (See our Analyst Note). Most other sectors also traded in the red today as well, including Industrial Goods & Services (-3.3%), Telecommunications (-4.8%), and Technology (-2.1%). The only sectors that increased included Oil & Gas (+0.4%), and Insurance (+1.1%).  

Oil & Gas was led by OIL (+1.5%) and PLX (+1.3%) amid optimism over the new Draft Decree on the petroleum industry. The Ministry of Industry and Trade is seeking feedback on a circular that would provide clearer guidelines on fuel pricing, enhance transparency and supply stability. Investors expect PLX and OIL to benefit from the new pricing mechanism with stronger future revenue and profit.

Foreign investors net sold with net selling value of VND461.8bn (USDmn). The most heavily sold stock was HPG (VND193.9bn, USD7.6mn), followed by MWG (VND108.2bn, USD4.2mn) and VCB (VND76.3bn, USD3.0mn). Conversely, they bought STB (VND136.0bn, USD5.3mn) and FPT (VND54.2bn, USD2.1mn).

Today’s top laggards include HPG (-4.6%), FPT (-2.8%), and VCB (-0.8%). Top gainers include STB (+2.6%), MSN (+1.6%) (See our Earnings Flash), and BCM (+1.2%).

Read the full report: HERE