Vietnam Daily Market Recap October 28, 2024 – DCM Earnings Flash

Market commentary: Stocks inch higher, led by banks, telecom

The VN-Index fluctuated between positive and negative territory throughout the session, popping higher just before the close to end up 0.2% at 1,254.7. Total trading value decreased 21.1% from last Friday to VND10.8tn (USD425.9mn). The HNX-Index (-0.02%) was flat at 224.6.

Almost all sectors increased, albeit slightly, led by Banks (+0.2%), Telecommunications (+3.1%), Financial Services (+0.4%), and Basic Resources (+0.9%). On the other hand, Real Estate (-0.4%) and Industrial Goods & Services (-0.7%) weighed on the index. 

HPG (+1.1%) was the top contributor to the index today and led the Basic Resources sector following positive news about the steel sector. The sector’s rise was likely due to the Ministry of Industry and Trade’s decision on October 24 to extend anti-dumping duties on color-coated steel imports from China and South Korea for an additional five years, protecting the domestic steel industry from low-priced imports.

VHM (-2.6%) was the largest laggard as investors took profits after a recent sharp rise in its share price and the start of its share repurchase program. This selling pressure, combined with weak market sentiment, led to distressed selling by retail investors.

Foreign investors net sold VND457.1bn (USD17.9mn) today. Selling momentum focused on MSN (VND279.9bn, USD11.0mn), SHS (VND111.0bn, USD4.3mn), WSB (VND66.3bn, USD2.6mn), HPG (VND72.2bn, USD2.8mn), and DXG (VND50.9bn, USD2.0mn). Buying momentum focused on FPT (VND49.8bn, USD1.9mn) and EIB (VND48.7bn, USD1.9mn). 

Top performers today included HPG (+1.1%), FPT (+0.6%), VCB (+0.2%), ACB (+1.0%), TCB (+0.6%) and MSN (+0.9%). Top laggards include VHM (-2.6%), EIB (-4.8%), and VNM (-1.1%).

Read the full report: HERE