Vietnam Daily Market Recap October 1, 2024

Stocks creep higher on telecom, tech

The VN-Index opened higher on Tuesday and broke above 1,300 by the mid-day break. However, once again, the index could not stay above the elusive threshold but did close with a gain of 0.3% at 1,292.2, its highest level since July 9. Liquidity surged, with total trading value soaring 37.4% from the previous session to reach VND20.8tn (USD845.3mn). The HNX Index also recorded a positive performance, climbing 0.5% to settle at 236.1.

Telecommunications (+1.7%) was green throughout the session, driven by VGI (+1.9%) and FOX (+1.3%). The Basic Resources (+1.1%) sector followed suit, led by HPG (+1.5%), while FPT (+1.0%) propelled the Technology (+1.0%) sector upward. Insurance (+1.2%) and Financial Services (+0.9%) also posted solid gains, supported by BVH (+1.3%), PVI (+3.1%), and VND (+1.3%).

TCB (+1.9%) rose amid its celebration of its 31st anniversary, with an impressive “Illuminated Art Exhibition”. The stock’s rise also reflected investor optimism over TCB’s anticipated solid 3Q24 earnings results.

VHM (+1.5%) rose amid net foreign buying of 4 million shares (VND174bn/USD7.1mn), ending its 10-month foreign selling streak. This turnaround came after Vinhomes announced a share buyback plan of 370 million shares to protect shareholder interests. Additionally, growth expectations for Vinhomes in 2024-2026 have been bolstered by its major projects, such as Vinhomes Vu Yen and Vinhomes Co Loa, which are anticipated to significantly contribute to sales and profitability in the coming years.

SBT (+0.5%) gained after announcements at its annual shareholder meeting for the 2023-2024 fiscal year. Key highlights included robust financial results, with revenue up 17% YoY and profit before tax up 26% YoY, exceeding targets. Additionally, TTC AgriS proposed a 10% stock dividend payout.

GVR (+0.7%) also rose today, driven by strong 3Q24 results, with net profit soaring 62% YoY to VND801bn (USD32.5mn). The company benefited from improved production conditions as rubber entered its peak harvesting season and rubber prices showed positive recovery signs amid supply disruptions in Southeast Asia and increased demand from China and India.

Foreign investors net bought today with VND463bn (USD18.8mn). They mainly bought TCB (VND360.4bn, USD14.6mn), FPT (VND329bn, USD13.4mn), and VHM (VND173.5bn, USD7.0mn); and mainly sold HDB (VND92.6bn, USD3.8mn), VPB (VND88.3bn, USD3.6mn), and PC1 (VND33.2bn, USD1.3mn).

Read the full report: HERE.