Vietnam Daily Market Recap November 4, 2024 – ACV, VJC, VNM, SSI Earnings Flashes

Market commentary: Stocks slump to seven-week low, led by banks

The VN-Index was higher in the first half-hour of trading on Thursday but it was all downhill from there as the index closed at the low of the session, down 1.1% to 1,257.4. Trading value jumped 24.8% from yesterday’s trading session to VND16tn (USD628.3mn). The HNX Index also declined 0.8% to 224.69.

Almost all sectors fell, led by Real Estate (-2.5%), Financial Services (-1.6%) and Banks (-1.1%).

Vingroup stocks – VIC (-2.7%), VHM (-6.7%) and VRE (-2.7%) – struggled. After surging to a 13-month high earlier this week, VHM fell sharply for a second day as it began its share repurchase program. It nearly reached its floor price and single-handedly accounted for nearly a third of the index’s decline.

STB (-6.7%) also almost hit its floor price, as sellers took profits after the stock gained 20% in the last month.

IMP (+3.9%) surged today after announcing impressive 3Q24 business results with net revenue rising 17% YoY to VND545bn (USD21.4mn), driven by strong YoY growth of 47% in ETC revenue – far outpacing the industry’s 11% growth in 1H24. The OTC channel also recovered, with revenue up 8% YoY. Sales through pharmacy chains jumped 91% QoQ and 182% YoY in 3Q24, leading to a 158% increase in 9M24 compared to 9M23.

Foreign investors net sold today by VND234.1bn (USD9.2mn), focusing on VHM with VND116.4bn (USD4.6mn), STB with VN111.9bn (USD4.4mn) and HPG with VND107.5bn (USD4.2mn). Meanwhile, buying momentum was on FPT with VND145.8bn (USD5.7mn), VPB with VND112.7bn (USD4.4mn), and VNM with VND108.6bn (USD4.3mn).

Top performers today included VNM (+1.6%), VCB (+0.2%), and KDH (+1.1%). Top laggards included VHM (-6.7%), STB (-6.7%) and VIC (-2.7%).

Read the full report: HERE