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Vietnam Daily Market Recap Apr 21, 2022 – SCS

Daily Market Recap 21/04/2022    69

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Market commentary: The panic selling continued spread out, while foreign investors’ net buying of nearly VND1,000bn

Despite the fact that bottom-fishing capital flow had resumed mainly on VN30 stocks during the derivative maturity session, the VN-INDEX remained under broad selling pressure throughout the day. Against the backdrop, a dip in the US, where a dramatic drop for streaming service Netflix pulled the Nasdaq down 1.2%, and the S&P 0.1% lower, the VN-INDEX opened negative with a gap of 14.9pts lower as sentiment continued to be depressed weigh. The selling pressure on major sectors was soon triggered, and the fear among investors after the continuous collapse prompted the VN-IDNEX to plunge deep into the bearish territory. After falling to the session low of 1,356.6pts, bottom-fishing demand was reawakened, fueled mostly by foreign capital inflows, and concentrated on Banking, and Information Technology stocks. The Index recovered strongly in the rest of the morning session. Following the regaining of momentum, the bottom-fishing capital flow expanded among equities, particularly those that had experienced a significant decline recently, leading the market to rebound rapidly and sometimes reclaim its green hue. However, after reaching the session high of 1,392.33pts, panic selling stepped in, forcing the VN-INDEX to fall back into the 1,373.0pts threshold before the ATC session began, when Real Estate, Oil & Gas, and Industries all almost hit floor price. The index was volatile throughout the day, trading in a range of 35.7pts in derivatives maturity session, with liquidity rising by about 13.2% as compared to yesterday. Stocks such as VHM (-4.2%), GVR (-6.3%), VIC (-2.3%), BCM (-4.6%), and GAS (-1.5%) have a positive correlation with the overall stock market. Financial sector, on the other hand, dominated the gainers, notably BID (+1.5%), TCB (+1.3%), MBB (+1.7%), BVH (+3.9%), and CTG (+1.1%). At the end of the session, the VN-INDEX decreased 1.1% to 1,370.2pts, and the HNX-INDEX dropped singnificantly 3.5% to 366.6pts.

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