Insurance and banking stocks fall

During the week of September 9-13, SSB shares of Southeast Asia Commercial Joint Stock Bank (SeABank) were the pillar stocks that fell the most. SSB, along with some stocks such as Vingroup (VIC), BIDV Bank (BID), put the most pressure on the VN-Index.

SeABank shares began to fall sharply from the end of August, from VND20,000/share to the current VND15,000/share, causing Ms. Nga's family assets to decrease by thousands of billions of VND. Ms. Nga's family owns about 16.5% of SeABank's charter capital through individuals and organizations. Ms. Nga alone holds about 3.6% of shares.

From September 9-13, SSB shares decreased by 15.3% and became the bank code with the deepest decrease in the market recently.

Since the end of 2023, Ms. Nga, her related persons and many leaders of SeABank have been buying and selling shares in large volumes.

Notably, Mr. Le Tuan Anh (Ms. Nga's son) has just registered to sell 1.5 million SSB shares from September 12 to October 9. Previously, from June 21 to July 16, Mr. Tuan Anh successfully sold 1 million shares, reducing his ownership ratio from 1.944% to 1.904% (equivalent to 47.5 million shares). Deputy General Director Nguyen Hong Quang successfully sold 145,000 shares on September 5, reducing his ownership ratio from nearly 0.02% to nearly 0.015%.

Last week, Vingroup (VIC), chaired by billionaire Pham Nhat Vuong, fell 3.9%. BIDV Bank's BID shares fell 2.2%. These were the stocks that put the most pressure on the VN-Index.

On the other hand, some stocks increased quite strongly and were the main factors supporting the stock market, such as FPT Corporation (FPT) of Mr. Truong Gia Binh, TPBank (TPB) of Mr. Do Minh Phu Doji, SBT of Thanh Thanh Cong - Bien Hoa Joint Stock Company, where Ms. Dang Huynh Uc My is the chairwoman.

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The stock market recorded widespread caution. Photo: HH

During the week, SBT shares of “sugar princess” Dang Huynh Uc My increased by 8.4%, from VND12,550/share to VND13,600/share. SBT shares had a sharp decline in the last two weeks of August and the beginning of September.

Ms. Dang Huynh Uc My (born in 1981) is the daughter of Mr. Dang Van Thanh, Chairman of Thanh Thanh Cong Group (TTC Group). In mid-July 2024, Ms. My was elected to hold the position of Chairman of the Board of Directors of the largest sugar cane company in Vietnam, replacing her mother, Ms. Huynh Bich Ngoc.

On September 12, Ms. My announced that she wanted to sell all of her shares in the company where her brother is the boss. Specifically, Ms. My registered to sell all 110,419 SCR shares of Saigon Thuong Tin Real Estate JSC (TTC Land) from September 18 to October 17. At TTC Land, Mr. Dang Hong Anh is currently the Vice Chairman of the Board of Directors. Mr. Dang Hong Anh used to be the Chairman of the Board of Directors at this company.

TTC Group operates in many fields, including agriculture (sugar cane), energy, real estate, tourism, and previously banking. After the "trouble" in the financial sector, Mr. Thanh's family returned to investing heavily in the traditional sugar cane sector.

Foreign investors still net sell, waiting for signals from the US

During the week of September 9-13, the stock market continued to probe the bottom, liquidity evaporated. The market has not recorded a cash flow of billions of dollars per session for quite a long time.

According to CSI Securities, selling pressure remains overwhelming. The VN-Index has fallen below most short-term moving averages such as MA10, MA20 and MA50. The positive point is that the support level of 1,250 points has been maintained after two challenging trading sessions on September 11 and September 13.

During the week, in addition to the banking stocks that were under strong selling pressure, the insurance stocks also fell due to concerns about rising compensation costs after storm No. 3 (Yagi). Many real estate stocks also fell. Novaland (NVL) of Mr. Bui Thanh Nhon had a floor-hit session after unfavorable information about the possibility of not being allowed to trade on margin.

Technology, chemical and telecommunications stocks performed relatively positively.

For the whole week, the VN-Index decreased by 1.7% to 1,251.7 points; the HNX-Index decreased by 0.9% to 232.4 points and the Upcom-Index decreased by 0.4% to 92.9 points. Foreign investors net sold VND 1,132.9 billion on all three exchanges, of which net sold VND 1,122.2 billion on HoSE, net sold VND 17.2 billion on HNX and net bought VND 6.5 billion on Upcom.

According to Mr. Dinh Quang Hinh, Head of Market Strategy, VnDirect Securities Analysis Division, the stock market continued to experience a quiet trading week, reflecting caution before important macro developments. That is the upcoming interest rate meeting of the US Federal Reserve (Fed) taking place on September 17-18 with the forecast that the Fed will cut interest rates for the first time this year.

The market is also waiting to see the State Bank's reaction after the Fed's interest rate cut. In addition, the impact of Typhoon Yagi hitting the North has disrupted the production and business activities of a number of enterprises.

However, Mr. Hinh maintains a positive view on the prospects of the stock market in the final period of the year. Accordingly, the scenario of VN-Index surpassing the 1,300-point mark this year is highly likely due to many supporting factors, such as the Fed's plan to lower the operating interest rate by about 0.75 percentage points in the last months of the year; exchange rate pressure and cooling inflation help the State Bank have conditions to shift its target to prioritizing economic growth, increasing money supply and maintaining low interest rates. In addition, the business results of listed enterprises continue to improve and new progress in the story of upgrading the market.

According to Mr. Hinh, past experience shows that market peaks always appear during active trading periods and bottoms form when liquidity is low.

According to CSI, selling pressure is gradually decreasing, but weak demand is the main reason for the stock index's gradual decline. On the daily chart, the Bollinger Band is shrinking and the moving averages are converging, so the market is likely to continue to trade sideways in a narrow range in the near future.

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