Vietnam Daily Market Recap May 31, 2023 – VPB, VIB & HDG

Market commentary: The VN-Index decreased as large caps diverged

The VN-Index was down by 2.9pts, closing at 1075.2pts due to the correction in the Oil & gas sector and Banking sector. The VN-Index inched up after the opening bells, then shortly fell to the red territory amid the selling pressure from large caps. Many bearish Real estate large caps such as VHM (-2.6%) and KDH (-1.3%) fell significantly. The rise of several Energy stocks like PC1 (+2.7%), BCG (+6.2%), and GEG (+4.2%) lent some support to the VN-Index, but it was not enough to pull the index to the green hue. Moving to the afternoon session, the selling pressure continued to emerge in the market, especially in the Oil & gas sector with PLX (-1.1%) and BSR (-1.7%) lost points, and the Banking sector with VCB (-0.5) and TCB (-0.8) declined. The decrease of large caps from various sectors pushed the index to its intraday low of 1071.4pts in the late trading session. VHM (-2.6%) became today’s top laggard, eroding 1.55pts of the index. Others included VCB (-0.5%), VIC (-0.8%), VRE (-2.2%), and MSN (-1.1%). On the contrary, TPB (+3.7%), SAB (+1.3%), BID (+0.5%), ACB (+0.8%), and PGV (+2.3%) were among the top market movers, preventing the index from further decline. At the end of the session, the VN-Index decreased by 0.3% to 1,075.2pts, while HNX-Index rose by 0.7% to 222.8pts.

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