Vietnam Daily Market Recap January 13, 2025 – MBB Analyst Notes, HSG Update

Stocks rose, led by financials

Selling pressure was felt across global stock indexes today as government bond yields rose (see our Macro Notes). In Vietnam, the VN-Index opened lower and traded in the red for most of the session before a late rally in bank stocks pushed the market close up 0.4% at 1,235.6. Total trading value (VND9.2tn, USD365mn) dropped by 11%. Similarly, the HNX-Index followed this trend, ending the day slightly higher, up 0.1% at 219.6.

Most sectors closed in the green today, led by Banks (+0.5%), Industrial Goods & Services (+1.5%), Basic Resources (+1.2%), Financial Services (+1.5%), and Oil & Gas (+1.9%). Sectors that dropped include Utilities (-0.1%), Telecommunications (-0.9%), Travel & Leisure (-1.4%), and Healthcare (-0.1%). 

O&G (+1.9%) was the best-performing sector today, led by PVD (+2.7%), OIL (+2.4%), and PLX (+2.1%) as energy stocks rebounded due to a jump in oil prices following reports of new, severe US sanctions on Russia’s oil exports, which are expected to significantly disrupt global supply, driving Brent prices above USD80 per barrel. Additionally, rising winter energy demands and a sustained drawdown in US oil inventories further supported the bullish momentum in crude markets, boosting sentiment in the O&G sector.

Financial Services stocks (+1.5%) also performed well today, following rumors of progress in the implementation of the KRX trading system, as anticipation of enhanced market efficiency and the potential for an upgrade of Vietnam’s stock market to emerging market status boosted investor sentiment toward financial sector stocks. Market rumors suggest key milestones, including final data migration and system testing, are on track for completion by March 2025, with a planned system go-live date in early May 2025.

Foreign investors net sold today (VND71.1bn, USD2.8mn). Selling momentum focused on FPT (VND137.6bn, USD5.4mn), VPB (VND38.9bn, USD1.5mn), and DGC (VND21.5bn, USD800,000). In contrast, their buying activities focused on HDB (VND71.4bn, USD2.8mn) and PDR (VND21.0bn, USD800,000).

Top gainers today included TCB (+2.9%), VCB (+0.6%), HPG (+1.3%), and MBB (+1.6%). Top laggards included HVN (-3.0%), VPB (-1.0%), and NVL (-4.3%).

Read the full report: HERE