Vietnam Daily Market Recap October 9, 2024 – SZC Update

Market commentary: Banks, real estate lead solid stock gains

The VN-Index opened higher on Wednesday and remained in positive territory throughout the day, closing up 0.8% to 1,281.85. Liquidity slightly improved, with total trading value increasing 8.6% DoD to reach VND17tn (USD684.2mn). The HNX index also rose 0.1% to 231.77.

Green covered almost all sectors, including Banks (+0.7%), Real Estate (+1.1%), Food & Beverage (+0.2%), Industrial Goods & Services (+2.5%), and Utilities (+0.2%). In contrast, sectors that dragged on the market were Retail (-0.7%) and Oil & Gas (-0.7%).

VTP (+6.9%) reached its ceiling price today amid expectations the delivery service will benefit from growing e-commerce as the peak shopping season approaches. With the second highest market share in the entire delivery industry, VTP’s net profit is forecast to surge in the second half of this year.

Foreign investors continued to sell today, marking the fourth day of net selling but with a much smaller volume of VND45bn (USD1.8mn), 92.1% lower than the first day of the current streak. Selling momentum focused on VPB (VND283.7bn, USD11.4mn), MWG (VND152.4bn, USD6.1mn), HDB (VND100.8bn, USD4.1mn), and CTG (VND63.7bn, USD2.6mn). Conversely, they bought HPG (VND236.9bn, USD9.5mn), TCB (VND196.1bn, USD7.9mn), FPT (VND72.3bn, USD2.9mn), and DBC (VND65bn, USD2.6mn).

Another piece of news that drew attention from investors in the market today was that the FTSE Russell has not yet upgraded Vietnam’s stock market due to a failure to meet the Delivery vs Payment (DvP) criteria. However, as this was in line with market expectation, the market was not negatively impacted.

Read the full report: HERE