Vietnam Daily Market Recap September 24, 2024 – HPG, VPB, PLX Update & Analyst note: VIB

Market commentary: Stocks advance, led by banks, telecoms

The VN-Index was little changed after the morning session on Tuesday amid low trading volume, but buyers stepped in in the afternoon, accelerating activity and moving trading value to nearly double that of the morning, leading the index to close up 0.7%, or 8.67 points, at 1,276.9 with trading value increasing 38.7% from yesterday to reach USD721.6mn. The HNX-Index also rose 0.4% to 233.3.
Large-cap tickers in the Banking (+0.9%) and Real Estate (+0.9%) sectors bolstered the index while Telecommunications (+1.9%) was the best-performing sector today, led by CTR (+3.4%) and VGI (+1.8%). The Chemicals (+1.1%) sector also posted solid gains, particularly GVR (+1.6%), DGC (+0.4%), and DCM (+0.3%).

Due to a significant block trade today, VIB (+3.2%) gained as 148 million shares (5% of total shares outstanding) changed hands. We believe this is part of the Commonwealth Bank of Australia’s (CBA) anticipated divestment (see our Analyst note). STB (+3.4%) also increased due to expectations that its restructuring process will gradually end. As of the end of 1H23, net VAMC bond was only VND623bn (USD 25.6mn), down from VND1.8tn (USD73.1mn), due to receiving 20% of the money from the sale of Phong Phu industrial park of VND7.9tn (USD320.9mn).

CTR (+3.4%) gained following news of the ex-dividend date on September 30, with the expected payment date on October 18.

KBC (+6.8%) hit its ceiling price today, marking a 16.7% upside from a recent low. KBC was also net bought by foreigners with VND36.9bn (USD1.4mn), thanks to positive market sentiment regarding the successful negotiation between the Trump Organization and Hung Yen group, which is a subsidiary of KBC.

The top gainers of the day were KBC (+6.8%), LDG (+6.8%), and SMC (+5.9%), while the biggest laggards included ITA (-7.0%), AGM (-6.9%), and PSH (-4.9%).

Read the full report: HERE