Vietnam Daily Market Recap November 01, 2024 – VHM, BCM, HSG, REE, MWG, BID, VCB, NKG, BSR, TPB, DXG, HHV, PLX, HPG, HDG, BAF & VIC Earnings Flashes

Market commentary: Stocks slide, led by industrials, telecom

The VN-Index held near break-even in the morning session on Friday before sellers stepped in in the afternoon, sending the index to close near the low of the day, down 0.8% at 1,254.89. Total trading value increased 22.3% compared to Thursday to VND14.8tn (USD585.1mn). The HN-Index also fell 0.4% to 225.41.

The VN-Index rose 0.2% for the week, while total trading value continued its downward trend, decreasing by 2.9% compared to last week to a daily average of VND15.0tn (USD5948mn).

Almost all sectors declined on Friday except Insurance. Telecommunications (-2.8%), Chemicals (-1.5%) and Travel & Leisure (-1.4%) were the worst performing sectors, led by VGI (-4.7%), GVR (-1.8%), HVN (-3.2%) and VJC (-0.3%). Industrial Goods & Services (-1.2%) also weighed on the index

MSN (-2.7%) fell today amid a stake transfer by SK with 76 million total shares. MSN continued to dominate foreign trading today as its net foreign selling reached VND252.9bn (USD10mn).

BVH (+1.4%) led the Insurance sector today after announcing its 3Q24 results. General administrative expenses rose after being hit by Typhoon Yagi, however, selling expenses plunged, leading to profit before tax rising 26% YoY to VND688bn (USD27.2mn).

Foreign investors continued their selling momentum, as net selling value reached VND289.8bn (USD11.5mn), focusing on MSN (VND252.8bn; USD10mn), VHM (VND164.4bn, USD6.5mn), KDC (VND101.5bn, USD4mn), and FPT (VND50.9bn, USD2mn). In contrast, they bought VPB (VND195.9bn, USD7.7mn) and TCB (VND144.4bn, USD5.7mn).

Foreign investors intensified their selling this week, offloading VND7.8tn (USD308mn) worth of stocks, an eightfold increase compared to the previous week.

Read the full report: HERE