The Ho Chi Minh Stock Exchange (HoSE) witnessed a dominant performance by blue chips, with over 500 stocks appreciating compared to 290 declining ones. Among the 25 industry groups, 21 posted gains, with plastics and chemicals leading the market. The construction and electrical equipment sectors followed closely behind.
A closer look at the major stocks driving the rally reveals that banks, including VCB, BID, VPB, HDB, and MBB, along with GVR, BCM, VIC, and VHM, significantly contributed to today’s upward momentum. On the flip side, FPT and HVN exerted a strong downward pressure on the index.
| Top 10 stocks impacting the VN-Index on July 9, 2024 |
Chemicals and fertilizer stocks maintained their momentum until the end of the session, with BFC, LAS, SFG, PCE, PSW, and SPC from the fertilizer sector, and CSV and HVT from the basic chemicals sector, all recording substantial gains. Additionally, a host of plastics stocks, such as BXH, SFN, and TPP, also witnessed robust increases.
Electricity stocks also experienced a strong surge, with notable advancements seen in PIC, POW, PPC, VSH, and GEG, among others.
Market liquidity witnessed a significant recovery, as the total trading value for the session returned to the threshold of 1 billion USD, reaching nearly 25 trillion VND.
Foreign investors net sold nearly 500 billion VND but net bought HDB aggressively, with a net purchase value of over 434 billion VND.
| Top stocks net bought and net sold by foreign investors on July 9, 2024 |
Morning Session: Financials Shine in a Sea of Green
The VN-Index extended its gains towards the end of the morning session, closing the first half of the trading day up more than 6.5 points at 1,290 points.
HNX-Index rose over 1.2 points to reach 244.38 points.
The banking sector reclaimed its luster, with the buying momentum spreading across the group. HDB took the lead in terms of liquidity within the sector and climbed more than 3%.
Securities stocks also predominantly donned a green hue, with 21 out of 27 stocks posting gains, while the worst performer merely hovered around the reference price. SSI, VND, VCI, MBS, SHS, HCM, and FTS all advanced in unison. MBS recently kicked off the Q2 earnings season with a 75% surge in profits. The financial results of the entire group are anticipated to reflect a positive quarter, thereby providing a boost to their stock prices.
The total trading value across the market during the morning session surpassed 12.6 trillion VND.
10:40 am: Green Dominance Persists, FPT Remains Under Selling Pressure
Overall, buyers maintained their dominance during the first half of the morning session. The market breadth largely favored the buying side, with 350 stocks advancing and over 270 stocks declining.
Market liquidity showed signs of improvement, with the trading value at the beginning of the session surpassing that of the previous day, reaching over 8 trillion VND in the first 90 minutes.
Chemicals and fertilizers continued their positive momentum from the previous session, while insurance stocks followed suit, painting the sector green across the board. BVH, PVI, VNR, MIG, BIC, and BMI all recorded solid gains.
On the other hand, information technology stocks languished at the bottom of the performance table, with most stocks in the sector drowning in a sea of red. FPT shed over 2 points, while CTR, CMG, and FOX witnessed modest declines.
Foreign investors persisted with their net selling activities, focusing their sales on FPT. By 10:40 am, the net selling value of this technology stock had climbed to nearly 300 billion VND.
Opening Session: Chemicals and Fertilizers Shine Brightly
On July 9, the market opened on a positive note, with both the VN-Index and HNX-Index starting the day in green territory. By 9:20 am, the benchmark index of the Ho Chi Minh Stock Exchange had climbed nearly 4 points, while the Hanoi Stock Exchange’s index had gained over 1.3 points.
 Chemicals and fertilizers sprint ahead at the opening bell. Source: VietstockFinance
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Riding on the momentum from the previous session, rubber and chemical stocks surged from the get-go. GVR emerged as the market leader, climbing 5%.
CSV extended its winning streak to five consecutive sessions, four of which were ceiling-hitting performances. DDV also witnessed a remarkable ascent, climbing nearly 7%.
Fertilizer stocks shone brightly, with numerous stocks, including BFC, LAS, and DBH, hitting the daily limit-up. DCM posted a solid gain of 2.6%.
