Vietnam Daily Market Recap October 8, 2024 – DXG & VNM Update

Market commentary: Stocks inch higher, led by steelmakers

The VN-Index fluctuated between positive and negative territory on Tuesday, closing up 0.2% to 1,271.9. Liquidity improved, with total trading value jumping 43.3% from the previous day to reach VND14.9tn (USD600mn). The HNX Index fell 0.4% to settle at 231.5.

Basic resources (+1.3%) was the best performing sector today, with steel manufacturing companies like HPG (+2.1%), HSG (+1.4%), and NKG (+1.4%) leading the way amid recent upward momentum in construction steel prices and higher consumption volumes. In 8M24, HPG’s total sales volume reached over 6.1 million tons, representing an increase of more than 31.9% YoY.

Meanwhile, Financial services (-1.0%) fell, led by brokerage companies such as SSI (-0.7%), MBS (-5.6%), and HCM (-1.6%).

NTC (+6.1%) jumped after announcing it had received notice about the land lease fee of the Nam Tan Uyen expansion phase 2 project (NTC3) from the Binh Duong Tax Department. The land lease fee is VND2.6tn (in line with management’s plan). This announcement is a step forward in the project’s legal process, raising investor expectations that NTC3 IP will be deployed in the near future.

LPB (+4.9%) rose amid investor expectation it will be included in the VN30 Index in January 2025.

Foreign investors net sold today with VND115.6bn (USD4.7mn). They mainly bought TCB (VND138.9bn, USD5.6mn), HPG (VND137.2bn, USD5.5mn), and LPB (VND83.2bn, USD3.3mn) and mainly sold MWG (VND120.7bn, USD4.9mn), STB (VND63.6bn, USD2.6mn), and BMP (VND63.0bn, USD2.5mn).

The top gainers of the day were LPB (+4.9%), HPG (+2.1%), and VNM (+1.6%), while the biggest laggards included VCB (-0.5%), MWG (-1.7%), and BID (-0.3%).

Read the full report: HERE