Vietnam Daily Market Recap August 26, 2024

Market Commentary: Stocks drop; PNJ plunges on July results

VNIndex opened the new week higher but could not maintain the positive momentum and closed down 0.4%, or 5.3 points, to 1,280.0. The HNX also decreased 0.5%, or 1.1 points, to 238.9.

Most sectors fell today, led by Banks (-0.3%), Industrial Goods & Services (-1.0%), Utilities (-0.7%), Chemicals (-1.3%), Retail (-1.7%), Technology (-1.2%), and Telecommunications (-1.6%). On the other hand, Real Estate (+0.5%), Financial Services (+0.4%), Media (+1.1%), and Basic Resources (+0.1%) were the only four sectors that gained today.

PNJ (-5.8%) was one of the top laggards today after reporting net margin in July decreased 1.1% YoY, leading to the decline of 42% YoY in net profit.

VIC (+1.4%) was one of the top performers today after VinFast announced an agreement with For Green Future (FGF), a company 90%-owned by Vingroup Chairman and VinFast CEO Pham Nhat Vuong, to provide discounts for existing Vietnamese owners of VF8 and VF 9 models who want to buy new VinFast vehicles.

Foreign investors net sold today with VND421bn (USD16.9mn). The selling momentum focused on HPG (VND148bn, USD5.9mn), HSG (VND72bn, USD2.9mn), and VPB (VND66bn, USD2.6mn). Foreigners net bought HCM (VND66bn, USD2.6mn) and VCI (VND36bn, USD2.3mn).

Other top laggards today included VNM (-2.0%), MSN (-2.2%), FPT (-1.2%), VCB (-0.4%), and CTG (-1.0%), which dragged an aggregate 3.5 points off the VN-Index. Conversely, other top gainers included VHM (+1.9%), VPB (+1.3%) and VRE (+1.8%)

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