Vietnam Daily Market Recap July 17, 2024 – BMP Earnings Flash & MBB Update

Market Commentary: Afternoon sell-off drags market lower

The VN-Index was little changed on Wednesday until a sharp sell-off beginning about an hour before the end of the session sent the market down 20 points in less than half an hour, to close down 1.0% at 1,268.66. Within the VN-Index, 369 stocks declined with 29 stocks hitting their floor prices as investors took profits after recent strong gains. The HNX Index also fell by 1.6% to 240.9.

Banking (+1.3%) stood out as the only sector that gained, led by MBB (+4.0%), BID (+1.8%) and TCB (+4.4%). On the contrary, the Telecommunications sector (-6.8%) fell the most today, followed by Chemicals (-5.2%) and Automobiles (-4.8%), led by VGI (-9.1%), GVR (-6.9%) and VEA (-5.6%). 

BMP (+2.3%) gained today thanks to positive earning results in 2Q24. BMP’s net profit surged by 47% QoQ to VND280bn (USD11mn), marking its highest level in the past four quarters. 

FPT (-1.6%) and MSN (-3.0%) fell today after the HSX announced the results of its 3Q24 review of all the HOSE indices, which indicated that these stocks may be heavily sold by ETFs (see our Analyst Note).

Foreign investors had a net buying session today with a net trading value of VND549bn (USD22mn), focusing on FPT (VND163bn, USD6.4mn), MWG (VND162bn, USD6.4mn) and VCB (VND137bn, USD5.4mn). On the contrary, MSN (VND104bn, USD4.1mn), VHM (VND45bn, USD1.8mn) and VND (VND41bn, USD1.6mn) were mainly sold.

Other top performers today included CTG (+1.5%) and ACB (+1.7%). Conversely, top laggards included MSN (-3.0%), PLX (-4.5%) and FPT (-1.6%).

Read our full report: HERE