Brian Jeffrey
By 2 pm on August 9, FPT shares had risen by VND4,800 to reach VND126,200 per share.
Bank shares also saw increases, with BIDV (BID) up by VND900 to VND46,900, Vietinbank (CTG) by VND1,150 to VND31,350, and HDBank (HDB) by VND650 to VND25,600 per share.
Securities companies experienced notable price increases as well. SSI rose by VND1,400 to VND31,400 per share.
Surprisingly, Vingroup and its subsidiaries witnessed a reversal as their shares dropped after two consecutive sessions of sharp growth. By 2 pm on August 9, Vinhomes (VHM) fell by VND400 to VND37,200 per share, Vingroup (VIC) dropped by VND500 to VND41,300, and Vincom Retail (VRE) slipped by VND100 to VND17,550 per share.
The VN-Index climbed by 16 points to 1,224 points.
At the close of the trading session, the VN-Index increased by 15.32 points (+ 1.27 percent) to 1,223.64 points, while the HNX-Index rose by 1,175 percent to VND229.38 points.
Key stocks like FPT rose by VND5,500 to 126,900 per share, while Vinhomes (VHM) fell by VND400 to VND37,200, Vingroup (VIC) declined by VND600 to VND41,200, and Vincom Retail (VRE) decreased by VND150 to VND17,500 per share.
Earlier on August 7, Vin-family shares surged in price following Vinhomes’ announcement of a plan to acquire 370 million VHM shares. However, subsequent sessions, including August 9, saw a reversal due to significant selling pressure from domestic and foreign investors.
Although selling pressure eased on August 9, leading to increased market activity, liquidity remained low as demand was weak. By 2:15 pm, only VND11.7 trillion worth of shares had been traded on the HOSE (HCM City Stock Exchange).
The stock market saw improved investor confidence amid positive news of US stock market rebound on August 8, bolstered by good employment rate data.
In the context of a tepid cash flow to the stock market in Vietnam and continued selling by foreign investors, stock prices benefited from reduced selling pressure.
FPT shares surged due to the company’s strong performance in software exports and collaborations with global tech giants during the ‘AI wave’ earlier this year.
Prime Minister Pham Minh Chinh’s decision to establish a national steering committee for the semiconductor industry bodes well for FPT and its president Truong Gia Binh.
Investors also showed interest in the SSC’s policy amendments aimed at upgrading the Vietnamese stock market from frontier to emerging status.
Market fluctuations at the start of August were influenced by new variables, but the easing exchange rate risk and expected profit growth in the second quarter are expected to support the stock market, according to SSI Research.
MBSecurities noted that while domestic consumption remains subdued and high inflation risk persists, the situation remains manageable.
SSI Research recommended keeping an eye on major economies as they impact Vietnam’s recovery process.
