Vietnam Daily Market Recap Dec 03 – Banking sector

Market Commentary: The VN-INDEX recorded the strongest sell off in nearly four months with 2.6% drop

The VN-INDEX lost 38.7pts in Friday’s session as market pillars tumbled. After the opening bell, the VN-INDEX gradually fell to red territory as strong selling pressure emerged across all sectors. Notably, VHM became today’s top laggard, losing 2.6% to end at VND80,200 and alone taking 2.4pts off the index. It was followed by other real estate stocks such as VIC (-1.6%) and NVL (-2.9%). Large caps from financial sectors also contributed to the loss, including  BID (-5.0%), VPB (-3.5%), TCB (-2.9%), and VCB (-1.1%), keeping the index in the red throughout the afternoon’s session. On the other hand, few other large caps supported the VN-INDEX, including DHG (+7.0%), HDC (+5.7%), PME (+6.9%), ROS (+6.9%), and CRE (+4.2%). However, due to strong selling pressure, both the VN-INDEX and the HNX-INDEX ended in the red. At the end of the session, the VN-INDEX closed down 2.6% to its intraday low of 1,443.3pts. The HNX-INDEX also declined 2.0% to 449.3pts.

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