Vietnam Daily Market Recap Apr 13, 2022

Market commentary: VN-INDEX witnessed a recovery session in all sectors

Although the VN-INDEX had a tumultuous morning session, the index rebounded substantially 21.9pts to 1,477.2pts as cash flow was directed to stocks with attractive discounts after three consecutive dropping sessions. Wall Street and European stocks are under pressure after a sharp rise in oil prices strengthened the inflation concerns, even after a crucial element of US and UK inflation data came out lower than expected. As for the Vietnam market, the VNINDEX opened quite cautiously amid investors’ suspicions after a series of 3 consecutive declines with a narrow gap up of 4.0pts. In the middle of the morning session, the VNINDEX fell into the red territory when the demand from investors was not strong enough to keep the index below the reference level. Most sectors except for Bank and Fishery stocks faced selling pressure, pushing VNINDEX to its intraday low of 1448.6pts. Following the market’s pessimistic sentiment in the morning, bottom-fishing cash flow sought stocks with attractive discounts. All stock drew cash flow, which assisted in a strong recovery of the market, pushing the index to its intraday high of 1477.2pts before the ATC session ended. Notably, GVR became today’s largest support, gaining 4.5% to reach VND35,500, alone contributing 1.5pts to the index’s move. Other market pillars also joined the rally, led by FPT (+4.8%), VIC (+1.1%), TPB (+5.1%) and NVL (+1.8%). On the downside, selling pressure emerged on several large caps, including HVN (-0.6%), OGC (-6.7%) and MSB (-0.8%).  At the end of the session, the VN-INDEX closed up 1.5% to end at 1,477.2 pts. The HNX-INDEX also jumped 1.5% to 427.5pts.

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