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Vietnam Daily Market Recap Apr 08, 2022

Daily Market Recap 08/04/2022    67

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Market commentary: The panic selling intensified in late afternoon, forcing the VN-INDEX to sink for the second consecutive session

The VN-INDEX remained under selling pressure from all sectors for the most of the day refelateing the news that many companies were facing legal issues. In the context, European equities rose on Friday, but global stocks were headed for their first weekly decline in a month as traders weighed the economic implications of central banks raising interest rates to curb inflation, VN-INDEX opened cautiously with a gap up of 1.9 pts. Early on, the market demonstrated divergence when the Banking sector exerted pressure, while equities that had fallen precipitously the day before had a technical recovery, as well as, Oil & Gas, Vingroup – related stocks attracted cash flow. The index hovered around the reference level until selling surged in several sectors, particularly, Real Estate and Banking, sending the market below the critical psychological support level of 1,500.0pts. Following the unfavorable movements of the morning session, the VN-INDEX pierced the critical support level Moving Average 20 (1,490.0pts) before the reciprocal bottom-fishing cash flow was involved, allowing the market to make a slight recovery. After that, the panic selling force concentrated on small and mid-cap stocks, particularly those that were the subject of rumors or were involved in legal issues. With a positive market breadth, the index plunged deep into bearish territory and below the MA20 support level once again before entering the ATC session. The negative influence on the market is exerted by stocks such as BID (-2.7%), GVR (-4.0%), GAS (-2.3%), VPB (-2,5%), and FPT (-4.2%). On the other hand, VIC (+2.8%) had recovered and emerged as the market’s primary support, with NVL (+0.9%), BCM (+1.9%), VJC (+1.0%), and ACB (+0.7%) following behind. At the end of the session, the VN-INDEX decreased 1.4% to 1,482.0pts, and the HNX-INDEX plumped dramatically 2.2% to 432.0pts.

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