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Vietcap Daily - VN-Index slides on late sell-off, down 1.7% - PVS, FPT, NT2, VPB, VNZ

Market Commentary

17 Oct 2023

* The Ministry of Finance (MoF) proposes to extend value-added tax (VAT) cut to H1 2024

* The MoF proposes to extend environmental protection tax cuts on petroleum products to 2024

* PVS to pay 2022 cash dividend of VND700/share on November 29, 2023

* FPT: Strong earnings growth maintained, consistent with our projection - Earnings Flash

* NT2: Disappointing Q3 results; 9M 2023 NPAT-MI trails our forecast - Earnings Flash

* VPB: Faster-than-expected recovery at FEC - Earnings Flash

* VNZ: Online games and fintech to lead long-term growth - Company Report

* Market wrap: VN-Index slides on late sell-off, down 1.7% 

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Market wrap: VN-Index slides on late sell-off, down 1.7%

The VN-Index fell for the second day running, closing at 1,121.65 (-1.7%) on the back of a severe sell-off near the end of the day’s session. Total trading value dropped sharply from yesterday to USD556.4mn.  

* Bank VCB (-0.23%) once again had the most adverse effect on the market as the banking sector also extended its tumble. VPB continued rising, up 0.9%. 

* Major real estate player VinGroup (VIC, -2.2%) and its subsidiary Vinhomes (VHM, -2.3%) have both recorded a drop for a third consecutive day. 

* Other laggards include VNM (-0.5%), GAS (-1.9%), and FPT (-3.8%). 

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