Vietnam Daily Market Recap Apr 14 – Economic update
Daily Market Recap 14/04/2022 51
Market commentary: The market’s rally was extinguished after large-cap stocks were target of selling pressure in afternoon session
The market stayed in the green hue throughout the morning, but with the selling force concentrated on large-cap stocks, the market lost its recovery momentum in the afternoon session. European stocks wavered on Thursday, as traders awaited a raft of US bank earnings and the latest policy announcement from the European Central Bank, however, following yesterday’s technical resurgence, the VN-INDEX began favorably with a gap up of 6.1pts. The Index maintained its favorable trend in the morning thanks to significant support from the Oil & Gas, Fertilizers, Chemicals, Seafood, and Retail sectors, which either received positive news or a bright outlook. The Real Estate stocks, on the other hand, exerted downward pressure on the VN-INDEX, but not enough to cause the market to lose its upward momentum. In contrast to the positive movement in the morning, selling picked up speed immediately in the afternoon, particularly among large-cap stocks, causing the index to revert to the red territory after approaching the resistance zone of 1,485.0-1,490.0pts. The selling continued to escalate, particularly in Real Estate and Banking stocks, forcing the market to tumble to a low of 1,471.0pts before entering the ATC session. The equities VCB (-1.7%), VHM (-1.1%), NVL (-1.7%), DIG (-6.3%), and TCB (-1.5%) were the ones that put a halt to the market’s surge. GAS (+1.4%), DGC (+6.9%), MWG (+2.1%), VPB (+1.3%), and SAB (+1.1%), on the other hand, were the stocks that contribute to the Index’s overall points. At the end of the session, the VN-INDEX decreased slightly 0.3% to 1,472.1pts, and the HNX-INDEX plumped 0.9% to 423.7pts.
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