Vietnam Daily Market Recap July 15, 2024

Market commentary: VN-Index down slightly for fourth day of losses

The VN-Index opened the new week higher and traded in the green in the morning session. However, in the afternoon, stocks sold off and the index closed down 0.1%, or 0.9 points, to reach 1279.8. The HNX also decreased 0.1%, or 0.2 points, to 244.8 points.

The Industrial Goods & Services (-1.8%), Technology (-0.8%), Financial Services (-0.6%), and Retail (-0.5%) sectors dragged on the market. On the other hand, Health care (+3.0%) and Oil & Gas (+2.0%) performed well throughout the session, led by IMP (+7.0%), PLX (+3.7%), PVT (+3.0%) and BSR (+2.5%).

IMP (+7.0%) rose to its ceiling price and the stock has now gained for six consecutive trading days by a total of 29.1% following news about IMP increasing its capital. In particular, after two rounds of stock dividends and ESOP, Imexpharm’s charter capital will exceed VND1.59tn (USD62mn) to become the largest listed pharmaceutical company in Vietnam.

Oil & Gas (+2.0%), especially the downstream sector, enjoyed gains due investor expectations of strong business results in 2Q24 and a positive effect of a new petroleum trading decree.

PC1 (+3.3%) also experienced strong growth today thanks to approval for two industrial park projects by Western Pacific, a subsidiary of PC1 Group, with a total scale of over VND4.5tn (USD177mn).

Top gainers today included GVR (+1.6%), BCM (+3.4%), PLX (+3.7%), VJC (+2.1%), HDB (+1.4%), and GAS (+0.4%), which contributed an aggregate 2.4 points to the VN-Index. Conversely, top laggards included VHM (-1.3%), HVN (-2.5%), VPB (-1.0%), and VIC (-1.0%).

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