Vietnam Daily Market Recap October 2, 2024

Market commentary: Surging oil prices help energy stocks but hurt broader market

The VN-Index opened lower on Wednesday and traded in the red most of the day, closing down 0.3% at 1287.84 with 299 decliners and 96 gainers. Total trading value fell 19% DoD to VND17.7tn (USD717.6mn). The HNX-Index fell 0.4% to close at 235.1.

Today’s decline in the index was led by HPG (-1.7%), CTG (-1.4%), VPB (-1%), HDB (-1.6%), SAB (-1.6%), and PDR (-5.6%).

Meanwhile, today’s outperformers were led by VCB (+0.8%), TCB (+1.0%), TPB (+2.3%), GVR (+0.4%), PLX (+1.0%), and BID (+0.2%). Banks stood out today as investors anticipate positive 3Q results thanks to: 1) credit growth; 2) economic recovery; and 3) a warming property market.

The Property (-0.9%) sector dragged on the market, led by PDR (-5.6%), DXG (-4.8%), KDH (-1.8%), NLG (-1.4%), and NLV (-1.3%).

Other industries that negatively affected the market included Food & Beverage (-0.4%), Industrial Goods & Services (-0.7%), Telecommunication (-1.3%), Construction & Materials (-0.5%), Financial Services (-0.7%), Technology (-0.4%), and Retail (-0.5%).

On the other hand, the energy sector was a bright spot in the market with many stocks in the green, including BSR (+0.8%), PVS (+1.0%), PVD (+0.5%), PVC (+2.3%), and PVB (+0.3%). Oil prices continued to surge after Iran launched a barrage of ballistic missiles at Israel on October 1, marking a new escalation in the Middle East conflict.

Chemicals (+0.2%) and Utilities (+0.8%) were other industries that positively influenced the market.

Foreign investors net bought today with (VND256.4bn, USD10.3mn), 63% lower than yesterday’s total. Buying momentum focused on TCB (VND258.8bn, USD10.5mn), PNJ (VND161bn, USD6.5mn), FPT (VND66.8bn, USD2.7mn), VCB (VND48.8bn, USD2mn), VHM (VND46.7bn, USD1.9mn), and TPB (VND43.2bn, USD1.8mn).

Read the full report: HERE.