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Vietnam Daily Market Recap Apr 05, 2022

Daily Market Recap 05/04/2022    89

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Market commentary: For the second session, the VN-INDEX hovered near the recorded high

The market extended its diverging session, swirling about the reference level as Banking sector was pressed to correct after unfavorable news about a notable enterprise’s bonds. Despite fears about a possible escalation of sanctions on Russia as a result of its activities in Ukraine, global stock markets surged on Monday, with significant gains for technology sectors offsetting concerns, however, VN-INDEX opened cautiously with a negative gap of 3.3pts. In response to adverse news that the state security commission of Vietnam was revoking corporate bonds worth more than VND10,000bn from a notable corporate, Banking stocks were under selling pressure from the start of the session. On the other hand, equities in the Real Estate, Construction, and Public Investment sectors drew cash flow as the Prime Minister requested continuing intensification of public investment fund disbursement. Money movement diverged, leading the Index to struggle around the reference level. After reaching the session high of 1,521.4pts, deflationary pressure intensified on the majority of industrial groups in the afternoon, sending the VN-INDEX into bearish territory. With the resurgence of bottom-fishing demand, assisting the Index in recovering to the reference level before pressure from Banking and Vingroup-related stock drove the market back to the session low of 1,519.3pts. On the negative side of the index, the most significant stocks were BID (-2.6%), VNM (-2.2%), VPB (-1.8%), CTG (-1.5%), and TCB (-1.2%). On the other side, GAS (+1.7%), NVL (+1.4%), MSN (+1.1%), HPG (+0.6%), and LPB (+3.8%) all climbed, partially offsetting the negative effect of the preceding stocks. At the end of the session, the VN-INDEX slightly decreased 0.3% to 1,520.0pts, and the HNX-INDEX plumped 0.6% to 456.1pts.

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