Vietnam Daily Market Recap July 12, 2024 – Navigating 2H24

Market Commentary: Market inches lower

The VN-Index declined for a third consecutive day on Friday, down 0.2%, or 3.1 points, to 1,280.8 points. The HNX-Index also fell today, down 0.2% to close at 2,450. After rising Monday and Tuesday, the VN-Index lost 0.2% for the week. The HNX-Index had a stronger week, gaining 1.1%.
Most sectors in today’s trading session closed in negative territory, except for Chemicals (+1.3%), Technology (+0.3%), Oil & Gas (+0.4%) and Travel & Leisure (+0.2%), led by GVR (+2.6%), FPT (+0.6%), BSR (+1.7%) and VJC (+1.0%).

GVR contributed 0.9 points to VN-Index as GVR enterprises expect total rubber processing capacity to reach 200,000 tons of rubber/year in the context of a global shortage of 1.24 million tons of rubber in 2024.

The banking sector (-0.6%) fell today along with financial services (-0.8%), led by HDB (-0.6%), VCB (-0.6%) and SSI (-1.0%).

Real estate stocks (-0.02%) closed down slightly despite gains by Vingroup stocks. VIC (+1.6%) was among the top stocks in the market thanks to Vinfast shares increasing 17.5% in July 11 trading after news that the EV enterprise is seeking a loan of about USD250mn from Indonesian banks to build an assembly plant in Subang.

After breaking a streak of 25 straight sessions of foreign net selling yesterday, foreigners net sold again today, for a total value of VND767bn (USD30mn), focusing on VHM (VND304bn, USD12mn), MWG (VND124bn, USD5mn) and MSN (VND79bn, USD3mn). On the contrary, TPB (VND42bn, USD2mn), DGC (VND27bn, USD1mn) and PLX (VND26bn, USD1mn) were the top stocks net bought.

Read our full report: HERE