Vietnam Daily Market Recap September 20, 2024 – BID, KDH, POW Update & Non-prefunding report

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

The VN-Index shot higher at the open on Friday and was up as much as almost 1% in the first hour of trading. However, sellers stepped in in the afternoon and the index closed up only 0.1%, or 0.77 points, to end at 1,272.04, still good for its fourth day of gains. Liquidity showed a significant improvement in the ETF restructuring session, with total trading value 52.7% higher than yesterday (VND21.8bn/USD909mn). The HNX-Index also gained 0.53 points (+0.2%) to close at 234.30.

For the week, the VN-Index gained 1.6% (+20.3 points) and daily trading value stayed flat compared to the previous week (VND16.3tn/USD679mn).

Banks (+0.3%) had the most positive impact on the market. Four of the top five market drivers today came from the banking sector, including ACB (+3.4%), TCB (+1.5%), MBB (+1.4%), and VPB (+1.1%), which together contributed about 2.4 points to the index’s gain.

Oil & Gas (+2.0%) also performed well today, followed by Food & Beverage (+0.3%), Industrial Goods & Services (+0.9%), Utilities (+0.5%) and Financial Services (+0.2%). In contrast, Properties and Retail fell 0.7% and 0.2%, respectively.

Oil & Gas was led higher by PVD (+5.1%), PVS (+3.0%), PVC (+3.2%), OIL (+1.5%) and BSR (+1.7%) thanks to a recovery in oil prices. PVD, PVS and PVC are also expected to benefit from the Block B project (See our Analyst Note).

For the week, fisheries enjoyed solid gains, led by VHC (+3.6%), FMC (+1.2%), and ANV (+1.9%). The good performance was driven by positive news about an anti-dumping lawsuit in the US market (See our Analyst Note).

Foreign investors net sold today with VND304bn (USD12mn), breaking a four-day net bought streak. Selling momentum focused on VHM (VND266bn, USD11mn), VIX (VND191bn, USD8mn) and VNM (VND177bn, USD7mn). In contrast, SSI and TCB were the strongest bought with VND194bn (USD8mn) and VND125bn (USD5mn).

Read the full report: HERE