Vietcap Daily - VN-Index plummets 4.5% on broad selloff - BSR, DXG, DXS, GAS, VNM
  • 2023-08-18T00:00:00
  • Market Commentary

* Weaker outlook for China’s economy could affect Vietnam’s recovery in exports and tourism
* BSR releases conservative 2021-2025 business plan  
* Vietnam Macro Flash Note: Nghi Son Refinery’s maintenance not a concern for FX
* DXG: Gem Riverside relaunch to support presales in 2024F - Update
* DXS: Property brokerage to rebound in H2 2023 - Update
* GAS: Progress on LNG terminals positive for volume growth outlook - Update
* VNM: Profitability to recover in 2024 on lower input milk prices – Update
* Market wrap: VN-Index plummets 4.5% on broad selloff

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Market wrap: VN-Index plummets 4.5% on broad selloff

On Friday, the VN-Index plunged by 4.5%, marking its biggest drop since May 13, 2022. Numerous stocks fell to the daily trading floor. In our view, the selloff was driven partly by growing apprehensions regarding the instability present in China’s real estate and financial markets and its potential to impact Vietnam. However, the Vietnamese market was also vulnerable to profit-taking after its strong rally in 2023 YTD. For the week, the VN-Index declined by 4.4%.

* VIC (-6.9%) and its subsidiary VHM (-6.9%) were the top contributors to the day’s loss. 

* Almost all banks dropped, led by BID (-6.2%), VPB (-7.0%), CTG (-5.8%) and TCB (-6.3%). VCB (+0.1%) was the lone exception as it eked out a small gain and was the day’s top contributing gainer. 

* Steel tickers HPG (-5.7%), HSG (-7.0%) and NKG (-7.0%) nosedived. 

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