Vietnam Daily Market Recap August 29, 2024 – PVS Update

Market Commentary: Stocks flat, bolstered by banking sector

The VN-Index popped higher at the opening on Thursday but couldn’t maintain upward momentum and closed flat, up just 0.03 points, to 1,281.47. The HNX Index moved down by 0.2%, closing at 237.88.  

Travel & Leisure (+0.7%), Technology (+0.4%) and Banks (+0.2%) were the best-performing sectors, led by VJC (+0.9%), HVN (+0.5%), FPT (+0.3%), CMG (+2.3%) and VCB (+0.4%). Meanwhile, Insurance (-0.9%), Oil & Gas (-0.9%) and Personal Household Goods (-0.6%) declined the most, led by PVI (-0.6%), BSR (-1.2%), PLX (-1.2%), and VGT (-0.7%)

Banking sector stocks held up the VN-Index today, with STB (+3.0%), HDB (+1.1%) and MBB (+0.8%) gaining. The SBV yesterday said it has extended credit room for banks that have achieved 80% of the credit growth target from the beginning of the year. Moreover, STB surged today, reflecting investor expectation that the sale of a 32.5% stake of the company will be conducted soon. 

SGR (+6.9%) was the only stock to hit its ceiling price today after the company won the bidding for the Nam Tien 2 urban area in Thai Nguyen. This property project spans 35.3 ha with an investment of VND3.8bn (USD153.4mn). Additionally, SGR was approved to invest in a residential project in Saigon An Phu for VND68bn (USD2.7mn). SGR has risen 57% in the last two weeks. 

Foreign investors net sold for a seventh day with a net trading value of VND98.2bn (USD3.9mn), focusing on HPG (VND129.7bn, USD5.2mn), VCI (VND90bn, USD3.6mn) and VRE (VND84.5bn, USD3.4mn). On the contrary, FPT (VND112.4bn, USD4.5mn), STB (VND111.8bn, USD4.5mn) and MWG (VND43.6bn, USD1.7mn) were mainly bought.

Other top performers today included VHM (+1.5%), VCB (+0.4%), BCM (+2.9%), STB (+3.0%) and MBB (+0.8%). Conversely, top laggards included BID (-0.6%), GVR (-1.0%), GAS (-0.5%), and VNM (-0.5%).

Read the full report: HERE