Vietnam Daily Market Recap February 24 2025 – CTG Analyst notes, BAF Updates

VN Index passes 1,300; steel stocks gain on tariffs

On Monday, the VN-Index bobbed between positive and negative territory throughout the session, but surged in late trading, breaching above the 1,300 level for the first time since October and closing up 0.6% at 1,304.56 – its highest close since May 2022. Total trading value jumped 33% from last week to VND21.0tn (USD823.9mn). The HNX-Index increased 0.4% to 238.49. 

Steel stocks outperformed the index today, driven by gains in HPG (+4.7%), NKG (+2.4%), HSG (+2.0%), and VGS (+6.2%), following the Ministry of Industry and Trade’s (MoIT) announcement of anti-dumping duties on Chinese and Indian hot-rolled steel. In contrast, the Basic Resources (-0.3%) sector was weighed down by mining stocks, as investors took profits after KSV (-9.9%), MSR (-13.6%), and MTA (-14.8%) saw substantial rallies of 45%, 126%, and 116%, respectively, since the beginning of the month.

Financial Services (+2.2%) saw gains today, driven by the strong performance of securities stocks, likely due to expectations that the Vietnamese stock market’s liquidity could improve as the VN-Index passes the 1,300 mark. Other sectors that increased included Banks (+0.6%), Chemicals (+0.1%), Food & Beverage (+0.6%), and Utilities (+0.4%). Sectors that decreased included Industrial Goods & Services (-0.4%), Construction and Materials (-0.1%), Technology (-1.0%) and Telecommunications (-3.4%). 

The Utilities sector (+0.4%) advanced today, driven by gains in electricity stocks, including REE (+4.2%) and GEG (+3.5%), following recent adjustments to Vietnam’s Power Development Plan VIII, which prioritizes the expansion of renewable energy, particularly wind and solar power. As leading players in the sector, REE and GEG are well-positioned to benefit from government-backed incentives and regulatory support, which aim to accelerate the transition to clean energy. With REE’s diversified portfolio spanning hydropower, wind, and solar projects and GEG’s strong foothold in renewable energy, investor sentiment has strengthened, reflecting expectations of increased project approvals, enhanced revenue potential, and sustained long-term growth.

Foreign investors net sold today, with a net selling value of VND259.0bn (USD10.2mn). Selling momentum focused on MWG (VND47.3bn, USD1.9mn), marking the third consecutive week of net selling. They also net sold FPT (VND147.9bn, USD5.8mn), KDH (VND55.5bn, USD2.2mn) and STB (VND52.7bn, USD2.1mn). Conversely, they bought GVR (VND38.0bn, USD1.5mn), SHB (VND36.9bn, USD1.4mn), and FPT (VND35.8bn, USD1.4mn).

Today’s top gainers included HPG (+1.5%), VNM (+1.6%), and VCB (+3.5%). Top laggards included FPT (-0.7%), VIC (-0.7%), and VHM (-0.6%).

Read the full report: HERE