Vietnam Daily Market Recap Apr 07, 2022
Daily Market Recap 07/04/2022 205
Market commentary: Selling picked up steam, driving the VN-INDEX deep into bearish territory in late afternoon
Throughout the day, the VN-INDEX was under heavy selling pressure from most sectors, closing the session down 20.6pts to 1,502.4pts. Global stocks fell on Wednesday as minutes from the latest Federal Reserve meeting revealed officials’ willingness to raise interest rates and prepared to slash the size of swollen balance sheet by US$95bn a month to combat inflation, thus, the index opened cautiously with a slight increase of 1.2pts. The increased selling force in most sectors, particularly in Real Estate, reflects the unfavorable news about numerous enterprises that have been caused by legal entanglements. Despite the fact that the Banking group was able to draw capital, it failed to overcome the selling momentum from the remains, which resulted in the market falling below the support level of 1,510.0pts. The bottom-fishing cash flow was initiated at this point, allowing the VN-INDEX to rebound marginally and cross the threshold of 1,519.0pts in the early afternoon. Later, the panic selling that had been initiated on the mid and small cap groups, as well as the Banking sector, reversed course and caused the market to plummet, pierce support levels and hit the session low of 1,505.0pts before entering the ATC session. The market dropped sharply with a positive market breadth, alongside recovery in the petroleum, fertilizer, and chemical groups after several falls. VCB (-1.9%), VHM (-1.7%), VIC (-1.2%), MSN (-1.8%), and NVL (-2.0%) all showed a positive correlation with the market. MBB (+1.1%), ACB (+1.2%), DGC (+2.9%), DPM (+4.2%), and DCM (+3.9%), on the other hand, were the stocks that had mitigated market’s downward. At the end of the session, the VN-INDEX decreased 1.4% to 1,502.4pts, and the HNX-INDEX plumped 1.2% to 441.6pts.
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