The stock market experienced a turbulent week of trading, with consecutive sessions of sharp declines. The VN-Index lost over 32 points compared to the previous week, falling to 1,252 points.
Banking stocks, in particular, had the most negative impact on the overall market, despite positive Q3 and 9-month financial reports from the banks. The decline in bank stocks also wiped out hundreds of billions of dong from the fortunes of many industry tycoons.
Among the hardest-hit was ACB stock of Asia Commercial Joint Stock Bank (ACB), which closed lower in every session last week, falling 4.6% despite the bank’s recently reported optimistic 9-month performance, with pre-tax profits of 15,334 billion dong, a 2.1% increase year-on-year.
As a result, the value of “soái ca” Tran Hung Huy’s holdings, Chairman of ACB’s Board of Directors, took a hit. The value of his 153 million ACB shares (equivalent to 3.4% of capital) decreased by over 184 billion dong, settling at 3,809 billion dong.
EIB stock of Eximbank plunged in the last two sessions of the week despite reporting billions of dong in profits. Source: Fireant
Following ACB was TCB stock of Vietnam Technological and Commercial Joint Stock Bank (Techcombank), which fell nearly 4% from the previous week’s closing price to 23,500 dong per share. This came as a surprise, given the bank’s reported 9-month pre-tax profit of 22,800 billion dong, a 33% increase year-on-year, nearly reaching the 1 billion USD mark.
Consequently, the value of over 1 billion TCB shares held by Masan Group Joint Stock Company, owned by billionaire Nguyen Dang Quang and the largest shareholder in the bank, decreased by more than 950 billion dong, settling at 24,450 billion dong.
On a different note, while EIB stock of Export Import Joint Stock Bank (Eximbank) surged 7.2% last week, it attracted attention in the final session with two consecutive losing sessions, falling from 21,600 dong to 20,850 dong per share (a decline of 3.47%). Eximbank had reported a 39% year-on-year increase in 9-month profits, reaching 1,712 billion dong for 2024.
As a result, the value of 187 million EIB shares (equivalent to more than 10% of capital) held by Eximbank’s largest shareholder, Gelex Group Joint Stock Company, decreased by 141 billion dong, settling at nearly 3,900 billion dong.
“KB Securities Vietnam Advises on Successful Listing of Tri Viet Education Group Joint-Stock Company Shares”
On the morning of October 23, 2024, the Hanoi Stock Exchange (HNX) hosted a ceremony to mark the listing of 5 million shares of Tri Viet Education Group Joint Stock Company (Stock Code: CAR) on the HNX, with a reference price of VND 19,800 for the first trading day.
The Stock Brokers’ View: Downside Pressure Mounts, VN-Index to Test 1,240-1,250 Support Zone
According to VDSC, investors may consider the current corrective action as an opportunity to buy select stocks at attractive prices for short-term gains.
The Market Beat: Downward Momentum Persists, VN-Index Loses 1,260-Point Mark
At the end of the trading session, the VN-Index declined by 4.69 points (-0.37%), settling at 1,252.72. The HNX-Index witnessed a marginal loss of 0.06 points (-0.03%), closing at 224.63. The market breadth tilted towards decliners, with 377 stocks trading lower against 286 gainers. The VN30-Index, representing the top 30 stocks by market capitalization and liquidity, exhibited a similar trend, with 19 stocks closing in the red, 4 in the green, and 7 remaining unchanged.
