Vietnam Daily Market Recap September 9, 2024 – Market Strategy September 2024

Market Commentary: VN-Index drops following global sell-off

The VN-Index opened sharply lower on Wednesday and traded in the red all day after a sell-off in global markets led by the Dow Jones Index (-1.5%), FTSE 100 (-0.8%), and Nikkei 225 (-3.7%). The VN-Index closed down 0.6%, or 8.07 points, at 1,275.80. The HNX Index also decreased by 0.6%, reaching 236.14. 

The O&G sector (-2.5%) fell the most today, followed by Telecommunications (-2.2%) and Travel (-1.6%), led by BSR (-2.5%), VGI (-2.5%) and VJC (-1.0%), as investors took profits after recent strong gains. Nearly every sector fell today except Real Estate (+0.5%), Utilities (+0.6%) and Health Care (+1.3%).

Stocks related to public infrastructure construction saw significant gains, including HHV (+6.0%), FCN (+4.7%), and HBC (+5.2%). Investors are optimistic about the public investment sector benefiting from the signing of documents on planning and feasibility studies for the cross-border railway construction between Vietnam and China. Additionally, the Ministry of Finance is urging accelerated disbursement of public investment funds, as it is estimated that only 37% of the total investment plan has been spent from the beginning of the year to August 31, 2024.

Foreign investors net sold today with a net trading value of VND768bn (USD31mn), focusing on DGC (VND142bn, USD5.7mn), HPG (VND108bn, USD4.3mn) and VPB (VND103bn, USD4.1mn). On the contrary, PDR (VND49bn, USD2.0mn), VNM (VND47bn, USD1.9mn) and CTG (VND38bn, USD1.5mn) were mainly bought.

Other top performers today included VHM (+2.4%), GAS (+0.7%), CTG (+0.7%), VRE (+2.6%) and VNM (+0.5%). Conversely, top laggards included VCB (-0.8%), VPB (-2.4%), FPT (-1.3%), GVR (-1.8%) and TCB (-1.5%).

Read the full report: HERE