Vietnam Daily Market Recap November 22, 2024 – VCB & GMD Update

Market commentary: Stocks flat as foreigners pause selling

The VN-Index opened higher on Friday, slightly fluctuated between positive and negative territory during the rest of the session, and closed flat (-0.02%) at 1,228.1. Total trading value slightly increased 4.8% DoD to VND12.8tn (USD503.5mn). The HN-Index closed down 0.2% at 221.3.

Real Estate (-1.2%) was the biggest market laggard today. VHM (-3.9%) shares corrected following the completion of its share repurchase program. VHM successfully acquired 66.8% of the targeted shares, amounting to 247 million shares with transaction value of ~VND11.9tn (USD468.1mn). Other real estate stocks that have also lost their upward momentum since November 20 include DXG (-2.6%), DXS (-0.3%), NLG (-0.9%), NVL (-2.2%) and KDH (-0.6%).

The Financial Services (-0.9%), Chemicals (-0.3%) and Oil & Gas (-0.1%) sectors also declined. Conversely, sectors that rose included Banks (+0.1%), Food & Beverage (+0.2%), Industrial Goods & Services (+0.2%), Utilities (+0.5%) and Telecommunications (+0.5%).

TLG (+4.9%) continued to rise today. Since the beginning of this month, this stock has increased 24.1%. In 9M24, Thien Long recorded VND2.9tn (USD114.1mn) (+5%) of revenue and VND421bn (USD16.6mn) (+28%) of net profit. As a result, TLG has achieved 77% of its revenue target and exceeded its profit target by 10%. These results were driven by a recovery in domestic demand and stable export revenue, reinforcing investor confidence in the company’s international growth.

Foreign investors bought marginally today with a total net buying value of VND30.9bn (USD1.2mn). Despite the small amount, this is the first time foreigners net bought after 30 sessions of selling since October 4. Buying momentum focused on HDG (VND241.8bn, USD9.5mn), TCB (VND105.6bn, USD4.2mn), FPT (VND60.1bn, USD2.4mn), CTG (VND51.8bn, USD2mn) and MWG (VND43.1bn, USD1.7mn). Conversely, they sold SSI (VND105.8bn, USD4.2mn), VCB (VND82.3bn, USD3.2mn), HPG (VND57.7bn, USD2.3mn) and VPB (VND46.9bn, USD1.8mn).

For the week, there was divergence between large-cap and small-cap stocks. The VN-Index rose 0.8% and the VN30 rose 1.2% while the HNX-Index and UPCOM-Index declined 0.1% and 0.2%, respectively. Foreign investors continued to sell this week with net selling value reaching VND5.2tn (USD204.5mn), 26.2% higher than last week. Total trading value decreased 14.8% compared to last week, averaging just VND14.3tn (USD562.5mn).

Top performers today included GAS (+1.5%), TCB (+1.3%), BID (+0.8%), HVN (+3.4%) and HPG (+1.0%). Top laggards were VHM (-3.9%), GVR (-1.0%), VPB (-0.8%), STB (-1.2%) and NVL (-2.2%).

Read the full report: HERE