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Vietnam Daily Market Recap 25 July, 2022 – NLG

Daily Market Recap 25/07/2022    37


Market commentary: The VN-Index was smothered in red hue

To conclude the day at 1,188.5pts, the market was down 6.3pts as declining equities outweighed gaining ones and the market retreated to test the key resistance level of Technical Moving Average 20 (1,184.6pts). European and Asian stocks edged lower on Monday as investors looked ahead to the US central bank implementing another extra-large interest rate rise to tame inflation, and the VN-Index opened cautiously with a gap down of 3.4pts. This void was quickly filled by strong momentum from pillar stocks, and the VN-Index reached a session high of 1,198.2 points within minutes. Following that, selling pressure immediately emerged in sectors that had been quite profitable during the prior two weeks, including the Securities, Real Estate, Industrial Park Real Estate, Materials, and Construction. Sectors having a disproportionate share of the index’s weight, such as Banking, Oil & Gas, and Retail, all felt the effects of the downturn. Causing the index to abruptly reverse course and drop deep into red in the morning. Following the morning’s selling, the market declined to confront the key support level of MA20. The VN-Index rebounded marginally and wavered around 1,188.0pts before entering the ATC session, helped in part by cash flow from bottom-fishing activities. The decline in the Index comes amid generally buoyant market breadth while liquidity, falling by nearly 17% compared to the average of the prior 10 trading sessions. The following stocks, among others, were positively correlated with the market: GAS (-2.9%), GVR (-2.9%), VPB (-1.8%), MWG (-1.9%), HPG (-1.35), and CTG (-1.2%). Contrarily, the Index was supported by VIC (+1.2%), VCB (+0.6%), VNM (+1.3%), BCM (+1.9%), VHM (+0.3%), and VRE (+1.2%). At the end of the session, the VN-INDEX decreased slightly by 0.5% to 1,188.5pts, and the HNX-INDEX decreased considerably by 1.2% to 285.4pts.

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