Vietnam Daily Market Recap November 28, 2024 – Econ Update

Market commentary: Stocks flat for second day amid low volume

The VN-Index jumped at the opening on Thursday but faded in the afternoon to close up 0.01% at 1,242.1. Total trading value decreased by 22.8% from Wednesday’s already low level to a very thin VND8.8tn (USD346.6mn). The HNX Index followed a similar trend, increasing slightly by 0.2% to 223.5.

Sectors that declined today included Real Estate (-0.5%), Financial Services (-0.2%) and Utilities (-0.3%). In contrast, sectors such as Industrial Goods & Services (+1.0%), Telecommunications (3.6%), Healthcare (+2.2%) and Oil & Gas (1.8%) showed gains.

The Healthcare sector recorded strong gains, with notable performers including IMP (+3.8%) and DHT (+9.5%). During the 8th session of the 15th National Assembly, the revised Law on Pharmacy was passed, introducing seven new provisions. The amended Law on Pharmacy paves the way for robust growth in the pharmacy chain and e-commerce sectors, creating a legal framework for modern business models.

Imexpharm recorded revenue of VND1.73tn (USD68.1mn) in 10M24, an increase of 10% YoY, with pre-tax profit reaching VND293bn (USD11.5mn). This represents 73% of the company’s full-year revenue target. At an investor meeting held in mid-November 2024, Imexpharm Pharmaceutical’s management announced that Line 3 of the IMP4 Factory has been operational since late October 2024. The company has already received pre-orders for the IMP4 Factory and management expects its utilization rate to reach 80-90%, achieving breakeven in the current quarter.

Top contributors today included CTG (+0.7%), PLX (+2.3%), VIB (+2.2%), and FPT (+0.4%). Top laggards included VHM (-1.9%), BID (-0.5%) and SAB (-1.1%).

FPT (+0.4%) was net bought by foreign investors by VND228bn (USD9.0mn). This marked the fifth consecutive net-buying session for foreign investors in FPT. At the Techday 2024 event, FPT shared insights on groundbreaking technology trends in the field of data centers, with a focus on Colocation – a solution reshaping the global IT industry, driving significant advancements in data management and enterprise infrastructure optimization.

Foreign investors net bought today by VND1.17tn (USD46.0mn), with buying momentum focused on FPT (VND228.3bn, USD9.0mn), MSN (VND77.4bn, USD3.0mn), and DGC (VND40.8bn, USD1.6mn), while foreigners mainly sold SSI (VND70.8bn, USD2.8mn), HDB (VND67.9bn, USD2.7mn), and VCB (VND60.5bn, USD2.4mn).

Read the full report: HERE