Vietnam Daily Market Recap March 04 2025 – TCB Analyst notes

Stocks gain, led by banks

The VN-Index opened lower today and traded in negative territory for most of the session, but peaked up into the green in the afternoon to close at 1,311.9, up 0.2%. Liquidity continued to improve, with total trading value reaching VND23.2tn (USD906mn), up 9.9% compared to the previous session. In contrast, the HNX-Index declined 0.4% to 237.4.

Key sectors that made positive contributions to the index today included Banks (+0.6%), Industrial Goods & Services (+0.4%), Food & Beverage (+0.3%), and Utilities (+0.3%). On the other hand, Basic Resources (-1.4%), Telecommunications (-0.8%), Financial Services (-0.7%), and Construction & Materials (-0.6%) were the main laggards.

Two stocks linked to Mr. Nguyễn Văn Tuấn, GEX (-0.2%) and VIX (-2.5%), experienced sharp volatility and a surge in trading volume following the announcement of his resignation from the Board of Directors of Gelex. Specifically, on March 3, Gelex Group JSC (ticker: GEX) announced that Mr. Tuấn had submitted his resignation from the company’s Board of Directors. In his resignation letter, Mr. Tuấn stated that the decision was driven by his desire to focus on his role as CEO of Gelex. Additionally, he emphasized the importance of clearly separating the governance role of the Board of Directors from the executive management responsibilities of the CEO and the executive board. This announcement has triggered short-term investor concerns regarding the company’s strategic direction and leadership structure, resulting in heightened volatility in Gelex’s stock price.

TCB (+5.4%) surged following unverified rumors that TCBS, its securities subsidiary, may soon be listed on the stock exchange. For further insights and analysis, please refer to our Analyst Note.

Foreign investors net sold today, with a net selling value of VND323.6bn (USD12.6mn). Selling momentum focused on TPB (VND149.7bn, USD5.8mn), SSI (VND60.7bn, USD2.4mn), BID (VND59.5bn, USD2.3mn) and STB (VND55.8bn, USD2.2mn). On the contrary, they bought VNM (VND137.5bn, USD5.4mn), VCI (VND74.8bn, USD2.9mn) and VHM (VND51.1bn, USD2.0mn).

Today’s top gainers included TCB (+5.4%), CTG (+0.9%) and MBB (+1.3%), while top laggards included VHM (-1.2%), VCB (-0.3%) and HPG (-0.7%).

Read the full report: HERE