Vietnam Daily Market Recap September 19, 2024 – PVT Update

Market commentary: Stocks rally for third day, led by real estate

The VN-Index popped higher at the opening on Thursday, buoyed by news of the US Fed’s rate cut (see our Macro Note), and maintained its upward momentum to close at its intraday high of 1,271.27, up 0.5%, or 6.4 points. The HNX Index also increased by 0.4% to 233.77.

Real Estate was the best performing sector today, led by BCM (+0.7%), VHM (+0.6%), and VIC (+0.6%). Technology and Banks also gained, led by FPT (+0.5%), VCB (+0.6%), and BID (+0.4%).

GIL (+6.9%) surged after announcing it would issue a total of 316.5 million shares to pay dividends, equivalent to an increase in charter capital of nearly VND317bn (USD12.9mn), raising total capital to VND1.02tn (USD41.3mn).

BMP (+7.0%) hit its ceiling price following the downward trend of PVC resin input prices. Moreover, there was news that Binh Minh Plastics and SCG are implementing a project in Quang Nam that involves the installation of a new water supply system totaling 3,000m of HDPE pipes to be completed in 45 days with the participation of Binh Minh Plastics’ technical team and the cooperation of the residents of Ga Lee village.

KBC (+5.9%) surged after The Trump Organization expressed interest in collaborating and investing in Hung Yen.

CTD (+1.5%) rose after Chairman Bolat of CTD announced at a shareholder’s meeting that he plans to buy 200,000 shares and increase his ownership from 1.38% to 1.57%. The share purchase will happen from September 24 to October 23.

Sectors that fell today were Media (-0.9%), Travel & Leisure (-0.2%), Healthcare (-0.1%), Insurance (-0.1%), Goods & Services (-0.1%) and Retail (-0.04%).
Foreign investors net bought with a value of VND432.6bn (USD17.6mn) focusing on SSI (VND280.8bn, USD11.4mn), HCM (VND58.8bn, USD2.4mn) and FUESSVFL (VND51.8bn, USD2.1mn). On the contrary, HPG (VND75bn, USD3.1mn), VND (VND44.6bn, USD1.8mn) and VPB (VND35.4bn, USD1.4mn) were mainly sold.

Other top performers today included VCB (+0.5%), SSB (+6.7%), CTG (+0.8%). Conversely, top laggards included POW (-1.6%), PNJ (-1.1%), SBT (-1.3%), PGV (-3.3%) and HVN (-1.1%).

Read the full report: HERE