Vietnam Daily Market Recap November 25, 2024 – ACV Update

Market commentary: Stocks advance, led by utilities, transport

The VN-Index opened higher on Monday and was able to sustain positive momentum throughout the session to close up 0.5% at 1,234.7. Total trading value slightly dropped 6.6% from last Friday’s already low level to VND11.8tn (USD464mn). The HN-Index also closed up 0.4% at 222.2.

The Utilities sector (+1.2%) gained thanks to recovery of the power sub-sector in anticipation of upcoming legislative changes to Vietnam’s electricity law. The National Assembly is set to approve the revised Electricity Law on November 30, 2024, to address critical gaps in the current framework. These revisions are designed to remove obstacles for urgent power project investments, promote renewable energy development, and establish specific mechanisms for offshore wind and small-scale solar projects. POW (+6.5%) reached its ceiling price today to lead the utility sector, along with REE (+3.2%), and PGV (+1.5%).

The Transportation sector continued to rise following strategic partnerships by MVN with major global players such as Sinotrans, DP World, and MSC, which are expected to drive Vietnam’s growing prospects in international shipping. Significant infrastructure developments, such as expansions at Lach Huyen and the upcoming Can Gio International Transshipment Port, further underscore the sector’s potential. MVN (+7.3%) benefitted the most from this news, with other maritime stocks such as VLG (+3.2%), HAH (+1.7%) and VSC (+1.2%) also gaining.

Foreign trading momentum was split almost evenly today with marginal net buying of VND29.3bn (USD1.1mn). Buying momentum focused on MSN (VND89.4bn, USD3.5mn), CTG (VND55.1bn, USD2.1mn), PVS (VND52.8bn, USD2mn), KBC (VND51.8bn, USD2mn) and VHM (VND45.6bn, USD1.7mn). On the other hand, net sales include KDC (VND68.3bn, USD2.6mn), VCB (VND43.2bn, USD1.7mn), HDB (VND41.2bn, USD1.6mn) and VIB (VND39bn, USD1.5mn).

Top performers today included VHM (+2.6%), VCB (+0.7%), VIC (+1.3%), and POW (+6.5%). Top laggards were BID (-0.3%), MBB (-0.2%), and TMP (-4.7%).

Read the full report: HERE