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The Market Beat: Will the “Morning Rise, Afternoon Fall” Trend Persist?

18 October, 2024

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Bears dominated today’s session, with over 500 tickers closing lower compared to nearly 240 gainers. Most sectors ended in negative territory, except for consumer services, hardware, and banking, which managed to stay afloat.

BID, CTG, VPB, HDB, VIB, MSB, and OCB managed to stay in the green, providing some support to the banking sector. However, the sector still faced significant pressure, with TCB, MBB, ACB, LPB, and STB all trading lower.

On the downside, telecom and energy stocks were the biggest losers of the day. BSR led the decline in the energy sector, while other oil and gas tickers like PVS, PVD, and PVC fell over 2%.

In the telecom space, VGI, FOX, and CTR all traded lower, with VGI dropping more than 4%.

Today’s trading value exceeded 18.5 trillion VND. Buying interest picked up on the HNX and UPCoM exchanges, while turnover on the HOSE remained unchanged from the previous session.

Morning Session: Sellers Take Control, Banks Provide Support

Market sentiment remained cautious around the 1,300 level. The VN-Index closed the morning session slightly lower at 1,286.33, down 0.01 points, while the HNX-Index also dipped, ending at 229.69, a loss of over 1 point.

Banking stocks continued to be the main pillar of support for the market, with BID, CTG, VPB, VIB, VCB, and OCB contributing a combined 2.3 points to the VN-Index. However, financial stocks witnessed increased divergence, with most names closing lower or flat.

Source: VietstockFinance

By the end of the morning session, decliners outnumbered advancers by a wide margin, with over 400 tickers in the red compared to nearly 220 gainers. Selling pressure was concentrated in the real estate, energy, and materials sectors.

On a positive note, market liquidity picked up, with turnover in the morning session surpassing 9 trillion VND across all three exchanges.

10:40 AM: Banks Hold the Fort

Buying and selling forces were more balanced in the market, and by 10:30 AM, the number of gainers and losers was almost equal, with 278 tickers in the green and 279 in the red.

The VN-Index maintained its gains of nearly 4 points, thanks to the financial and banking sectors. CTG, BID, EIB, TPB, and VIB posted solid gains, while BID, CTG, VCB, VIB, ACB, and TCB were among the top contributors to the index’s rise. The banking sector played a pivotal role in propelling the VN-Index higher during the morning session.

Real estate stocks reversed course and dipped into negative territory, with DIG leading the decline, falling over 5%. Several other names in the sector, including PDR, DXG, and KDH, also traded lower. However, the situation wasn’t entirely bleak, as VPI, HDG, SZC, SIP, and VPH posted modest gains.

The energy and telecom sectors were the worst performers, with the former falling nearly 2% and the latter dropping over 1%.

Healthcare stocks took the lead on the upside, driven by AMV, which hit the daily limit-up, and BBT, which climbed over 13%.

HPG traded slightly higher, up nearly 1%. For the third quarter of 2024, the Hoa Phat Group (HOSE: HPG) reported a 51% year-over-year increase in after-tax profit, reaching 3,022 billion VND.

Market Open: Buyers Take the Upper Hand

Vietnam’s stock market kicked off the trading session on October 15 with a mild positive bias. By 9:20 AM, the VN-Index had climbed nearly 3 points, with sellers slightly outpacing buyers in the early going.

Essential consumer goods stocks set a positive tone from the get-go, with companies in the livestock industry, such as DBC (+1.3%) and BAF (+2.2%), leading the way. Other names in the sector, including VNM, MSN, CTP, and KDC, also edged higher.

Financial and real estate stocks rose in unison, although the gains were not entirely convincing. In the real estate sector, VHM slipped 0.3%, weighing on the market slightly. On the other hand, several real estate tickers, including VPH, CIG, and OGC, hit the daily limit-up from the opening bell.

On the flip side, energy and information technology stocks leaned towards the red. BSR and PVC in the energy sector, along with FPT in the IT space, traded lower.

Yến Chi