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Source: VietstockFinance
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Vietnamese stock market ended on September 19 with a slight increase, partly in response to the performance of other Asian stock markets such as Hang Seng and Nikkei 225. The market also experienced the futures expiration day with some fluctuations but no significant changes in scores.
The late-session rally and the momentum that pushed the index up by more than 6 points today were largely driven by banking stocks, notably SSB surging 7% and contributing 0.77 points to VN-Index. This was followed by VCB with 0.68 points, CTG with 0.39 points, TCB with 0.34 points, and BID with 0.28 points. Additionally, several other stocks such as KBC, VHM, HPG, VIC, and FPT also provided positive support to the index.
| Top 10 stocks impacting the VN-Index on September 19, 2024 (in points) |
In terms of sectors, food and essential goods retail witnessed the strongest growth in the market, surging by 8.06%. This was followed by the entertainment and media sector, which rose by 5.09% due to the performance of VNZ increasing by 7.8%. The telecommunications services sector also recorded a notable increase of 2.34% thanks to the positive contribution of VGI, which climbed by 2.88%.
Foreign investors accelerated their net buying in the latter half of the afternoon session, pushing the total net buying value to nearly VND 402 billion. The majority of this amount was concentrated in SSI, with over VND 274 billion, far surpassing other stocks such as HCM with just over VND 57 billion, VHM with over VND 41 billion, and the fund certificate FUEVFVND with nearly VND 52 billion. On the opposite side, HPG witnessed the strongest net sell-off with a value of nearly VND 74 billion, followed by VND with almost VND 40 billion and VPB with over VND 35 billion.
This result also marked the fourth consecutive session of net buying by foreign investors, a rare occurrence during the past extended period.
| Top 10 stocks net bought by foreign investors on September 19, 2024 |
14:15: Many Asian markets posted strong gains, but Vietnam has yet to follow suit
The tug-of-war continued for the VN-Index. As of 14:00, the index was up 2.87 points to 1,267.77, while HNX rose 0.48 points to 233.43. Meanwhile, the UPCoM was down 0.25 points to 93.22. In contrast, many Asian stock markets recorded more prominent increases.
The market breadth leaned slightly towards gainers. Financial stocks performed positively, with numerous stocks posting gains, notably SSB rising 5.13%, SSI climbing 0.75%, and HCM increasing by 1.33%. Real estate stocks also witnessed robust gains, with KBC surging 3.76%, PDR rising 2.76%, CEO climbing 2.6%, and DXG advancing 1.28%.
In terms of percentage change, the VN-Index posted a modest increase of 0.23%, significantly lower than the performance of many Asian markets, particularly Hang Seng, which climbed 2.28%, and Nikkei 225, which rose 2.15%. Additionally, most other major indices also recorded gains, such as Singapore Straits Times, which increased by 1.05%, and Shanghai Com, which rose by 0.71%.
According to the latest updates, the Hong Kong Monetary Authority (China) has followed the Fed’s lead in cutting interest rates for the first time in four years, slashing rates by 50 basis points. It is anticipated that central banks in Asia will emulate the Fed’s monetary policy stance by reducing interest rates following the Fed’s move.
Source: VietstockFinance
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Morning session: Continuous tug-of-war
The VN-Index started the day on a positive note but quickly entered a tug-of-war, even dipping into negative territory at one point, before recovering towards the end of the morning session. The index concluded the morning session with a gain of 2.22 points, advancing to the 1,267.12 level. HNX also increased by 0.34 points to 233.29, while UPCoM decreased by 0.06 points to 93.41.
The trading value of the three exchanges reached VND 7,486 billion, a notable improvement compared to the previous session and slightly higher than the 10-session average.
The market breadth was tilted towards gainers, with 334 stocks rising, including 22 stocks hitting the ceiling price. On the other hand, 263 stocks declined, of which 10 stocks fell to the floor price, and 1,009 stocks remained unchanged.
 Source: VietstockFinance
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The slight market gain was largely attributed to VCB, which contributed a significant 0.82 points to the increase. Several other “heavyweights” also made notable contributions, including SSB, VIC, and HPG, each contributing over 0.3 points.
In terms of sectors, entertainment and media witnessed the strongest growth, surging by 8.56% and driven primarily by VNZ, which climbed by 12.94%. However, this sector also included a stock that plummeted to the floor price, CAB.
Aside from entertainment and media, the telecommunications and specialized services sectors also recorded solid gains, rising by 2.44% and 1.25%, respectively.
Conversely, the household goods and personal items sector experienced the sharpest decline, falling by 2.52%. No other sector posted a decrease of more than 1%.
Foreign investors were net buyers of nearly VND 130 billion, but this buying power was mainly concentrated in SSI, with a net purchase value of over VND 151 billion. If foreign investors maintain their net buying status today, it will mark the fourth consecutive session of net buying, a rare occurrence during the past extended period.
| Foreign investors’ net buying and selling activities (as of the morning session on September 19, 2024) |
10:30: Enthusiasm wanes
Contrary to the initial enthusiasm, the market soon faced corrective pressure and quickly turned red. As of 10:30, the VN-Index reversed to a loss of 0.06 points, falling to the 1,264.84 level, while UPCoM also dipped by 0.22 points to 93.25. The HNX index managed to stay in positive territory, climbing by 0.13 points to 233.08.
The number of gaining and declining stocks was not significantly imbalanced, with 291 stocks rising and 258 stocks falling, while 1,057 stocks remained unchanged. This mixed sentiment was evident in the financial sector, which has a significant impact on the market. While stocks like EIB, TPB, VPB, and SSI posted gains, others such as VCI, MBB, TCB, and HDB declined.
Foreign investors were net buyers of nearly VND 40 billion, but this buying power was mainly concentrated in SSI, with a net purchase value of over VND 91 billion. Conversely, the selling pressure was weaker but gradually decreasing in stocks like VPB, with net sales of over VND 25 billion, HPG with over VND 20 billion, and VND with over VND 16 billion.
Opening: A modestly positive start to a session expected to be full of fluctuations
Vietnam’s stock market commenced the new day on a positive note, with all three exchanges starting in the green. Today’s market performance is an intriguing topic, as several factors are expected to have a significant impact. The Fed has officially cut interest rates by 50 basis points, causing fluctuations in the US stock market. Additionally, today marks the futures expiration day, and the trial of Truong My Lan and her accomplices is also underway.
As of 9:30 am, the VN-Index had climbed 2.33 points to 1,267.23, the HNX-Index had risen 0.5 points to 233.45, and the UPCoM-Index had increased by 0.06 points to 93.53. Trading liquidity showed some improvement compared to the previous session.
Numerous “hot” events are expected to influence the performance of the stock market today.
On the global front, US stocks declined during a volatile session after the Federal Reserve (Fed) cut interest rates by 50 basis points. While investors applauded the larger-than-expected rate cut, it also raised concerns that the Fed might be attempting to get ahead of a potential economic downturn.
In a notable shift in the US monetary policy approach, Fed Chairman Jerome Powell signaled a significant change in the Fed’s focus. Instead of primarily targeting inflation control, the Fed is now considering both aspects of its dual mandate: price stability and maximum employment.
Asian markets opened on a positive note, with green hues visible across several indices such as Hang Seng, Singapore Straits Times, and especially Nikkei 225, which climbed more than 2.6%.
Today’s performance of the Vietnamese stock market is particularly noteworthy, given the questions surrounding the market’s reaction to the Fed’s 50-basis-point rate cut and the simultaneous occurrence of the futures expiration and the trial of Truong My Lan and her accomplices.
Looking ahead to the capital flow trend following the Fed’s rate cut, Tran Hoang Son, Director of Market Strategy at VPBank Securities (VPBankS), opined that capital tends to shift from overheated markets to markets with higher growth expectations.
Recently, Southeast Asian and Asian markets have successfully raised capital, notably in Thailand, the Philippines, Malaysia, Indonesia, and India. In contrast, strong sell-offs have occurred in Japan, South Korea, and Taiwan, leading to a divergence among indices. The positive signal in Southeast Asian markets is expected to attract capital back to Vietnam in the near future, possibly towards the end of 2024 or the beginning of 2025.
