Vietnam Daily Market Recap November 07, 2024 – DXS Initiation, BAF & PNJ Analyst Note.docx

Stocks slump at close, led by banks, F&B, utilities

The VN-Index traded in the green for almost the entire session on Thursday but late selling dragged the index lower to close with a small loss of 0.1% at 1,259.8. Total trading value declined 12.5% compared to Wednesday to VND12.4tn (USD488.5mn). The HNX-Index was also flat (-0.1%), closing at 227.5.

Industrial property stocks, which were the stars of the market yesterday with several hitting their ceiling prices, lost their upward momentum today as most closed flat or down, including KBC (-0.2%) and VGC (-1.1%).

Sectors that fell included Banks (-0.3%), Food & Beverage (-0.3%), Utilities (-0.8%), Financial Services (-0.5%), Retail (-0.3%), Chemicals (-0.7%), and Construction & Materials (-1.0%). Conversely, Industrial Good & Services (+1.9%), Telecommunications (+6.7%), and Technology (+0.4%) increased.

Viettel stocks, including VTP (+6.9%), CTR (+2.4%), VGI (+7.1%) and VTK (+5.6%), were outstanding performers today. On November 5, VTP announced the approval of the investment policy of Viettel Logistics Park Project in Lang Son, which eyes investment in import and export services, warehouse services, domestic and international freight transport, and e-commerce.

DXS (+6.9%) hit its ceiling price today after the property broker reported strong financial results. Restructuring efforts have proven effective, as revenue grew by 18.2% in 9M24 while operating expenses decreased by 12.5% to VND155bn (USD6.1mn). An ongoing recovery in the residential property market should further strengthen DXS’s growth prospects in the coming period.

Foreign investors, again, continued to net sell with a net selling value of VND390.9bn (USD15.4mn). Selling momentum focused on VHM (VND103.8bn, USD4.1mn), MSN (VND85.6bn, USD3.4mn), CMG (VND67.4bn, USD2.7mn), and VCB (VND47.7bn, USD1.9mn). In contrast, they bought MWG (VND47.6bn, USD1.9mn), STB (VND42.9bn, USD1.7mn), and TCB (VND40.7bn, USD1.6mn).

Top performers today included VCB (+0.3%), HVN (+3.1%), VTP (+6.9%) and FPT (+0.4%). Top laggards were BID (-0.9%), CTG (-0.8%), GVR (-1.2%), MSN (-1.2%) and VPB (-0.8%).

Read the full report: HERE