Vietnam Daily Market Recap October 10, 2024 – HPG Analyst note

Market commentary: Stocks advance, led by F&B, tech

The VN-Index opened higher on Thursday and peaked at 1,294.22 before sliding to close at 1,286.36 for an increase of 0.4%. Liquidity also improved, increasing by 8.8% to VND18.5tn (USD744mn). In contrast, the HNX-Index decreased by 0.2% to 231.29.

Stocks were led higher today by Banks (+0.2%), Food & Beverage (+1.0%) and Technology (+4.3%). However, Real Estate (-0.4%) and Financial Services (-0.5%) pulled back.CMG (+4.9%) surged after the company announced its Board of Directors approved a plan to issue shares as dividends for the 2023 fiscal year. Additionally, the company announced personnel changes affecting the positions of Chief Strategy Officer and Chief Technology Officer.

FPT (+4.7%) rose, extending a 70% gain so far this year. In 8M24, the company reported revenue of VND39.7tn (USD1.6bn) and pre-tax profit of VND7.1tn (USD285.6mn), increases of 20.8% and nearly 20% YoY, respectively.

The two tech companies, CMG and FPT, have also been boosted by strong sentiment following results released by US chip manufacturing giant NVIDIA. The company posted strong results on Wednesday showing that spending for AI continues to grow. NVIDIA’s shares are also approaching their record high price.

Foreign investors net bought today with (VND459bn, USD18.5mn). Buying momentum focused on MSN (VND366.8bn, USD14.8mn), FPT (VND311.7bn, USD12.5mn) and NTL (VND157.8bn, USD6.4mn), while foreigners mainly sold STB (VND126.1bn, USD5.1mn), CTG (VND49.4bn, USD1.99mn), and VPB (VND49.3bn, USD1.98mn).

Top performers today were FPT (+4.7%), VCB (+1.0%) and MSN (+3.9%) while top laggards were HPG (-0.9%), VHM (-0.8%) and STB (-1.6%).

Read the full report: HERE