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Vietnam Daily Market Recap February 26 2025 – HSG analyst note
Daily Market Recap 26/02/2025 115
Stocks stall above 1,300; banks fall on lower deposit rates
The VN-Index opened higher on Wednesday, but in a similar fashion to yesterday, gradually lost momentum and closed flat at 1,302.96. Total trading value dropped 14% DoD to VND16.7tn (USD652.8mn). The HNX-Index posted a slight gain of 0.1% to 238.6.
Telecommunications (+3.9%), Technology (+1.8%), Media (+0.9%) and Basic Resources (+1.0%) were the best-performing sectors, while Utilities (-1.0%), Oil & Gas (-0.6%) and Banks (-0.5%) fell.
After consecutive declines, FPT (+2.0%) led the Telecommunications/Technology rally today. Additionally, Hoa Sen Group announced it would repurchase 50-100 million shares, boosting steel stocks.
Bank stocks saw selling pressure today, including STB (-1.8%), SSB (-1.5%), CTG (-1.2%), MBB (-0.9%), VIB (-0.7%) and HDB (-0.6%), following pressure from the State Bank of Vietnam (SBV) for banks to slash deposit interest rates, resulting in swift action by several banks to reduce their deposit rates by as much as 0.6%-0.7%. The SBV also announced that it would strictly manage banks engaging in interest rate competition in accordance with legal regulations. This move by the SBV aims to stabilize deposit interest rates and reduce lending rates in order to achieve the Government’s goal of 8% GDP growth in 2025. This action has shaken previous market expectations that commercial banks could expand their Net Interest Margin (NIM) in 2025.
Foreign investors continued to net sell today, with a net selling value of VND295bn (USD11.6mn). Selling was focused on banks, such as STB (VND199.2bn, USD7.8mn), CTG (VND147.1bn, USD5.7mn) and SHB (VND53.3bn, USD2.1mn). Meanwhile, VNM was net bought (VND100.5bn, USD3.9mn) and MWG saw continued buying for a third day (VND256.5bn, USD10.0mn) after a streak of 15 net selling days.
Today’s top laggards included CTG (-1.2%), VCB (-0.3%), and STB (-1.8%). Top gainers included FPT (+2.0%), GVR (+1.6%), and HPG (+0.9%).
Read the full report: HERE