Vietnam Daily Market Recap January 7, 2025

Stocks edge higher, led by banks

The VN-Index opened higher on Tuesday and traded in positive territory during the morning session. However, the index slumped in the afternoon and closed up only 0.1% at 1,246.9. Total trading value dropped by 0.3% compared to Monday, settling at VND11.8tn (USD465.3mn). The HNX-Index closed down 0.9% at 221.0.

Sectors that had the most positive impact on the index included Banks (+0.7%), Industrial Goods & Services (+0.5%) and Technology (+0.4%). Conversely, Food & Beverage (-0.6%), Basic Resources (-0.6%), Financial Services (-0.8%) and Chemicals (-2.0%) dropped.

The banking sector led the market today, with notable performances from BID (+4.1%), MBB (+2.1%), ACB (+0.8%), NAB (+7.0%), CTG (+0.7%), and STB (+1.8%), following the release of preliminary 2024 earnings results by several banks. Among them, the three listed state-owned banks (VCB, CTG, BID) projected they would meet their profit targets, with estimated net income exceeding USD1bn each. Meanwhile, joint-stock commercial banks such as ACB, STB, HDB, and TPB also reported strong results, with HDB (-1.0%) achieving record-breaking profits expected to surpass VND16tn (USD630.9mn), securing a spot in the top five most profitable private banks in 2024.

Foreign investors net sold VND90.8bn (USD3.6mn) today. Selling momentum focused on VNM (VND63.5bn, USD2.5mn), NLG (VND59.9bn, USD2.4mn), SSI (VND59.2bn, USD2.3mn), and HPG (VND42.4bn, USD1.7mn). Foreign investors bought FPT (VND98.8bn, USD3.9mn), VGC (VND39.0bn, USD1.5mn), and STB (VND32.2bn, USD1.3mn).

Top market performers included BID (+4.1%), BCM (+3.3%), MBB (+2.1%), and NAB (+7.0%). Top market laggards were GVR (-3.7%), VCB (-0.6%), and VNM (-1.3%).

Read the full report: HERE