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Vietnam Daily Market Recap Apr 29 – GMD, MBB, REE & Market strategy

Daily Market Recap 29/04/2022    34


Market commentary: The technical recovery session on the VN-INDEX was still ongoing on Friday

The VN-INDEX stayed in the bullish territory for most of the trading session, as liquidity had improved a little over the previous two sessions, and ended the day up 15.8pts to 1,366.8pts. European shares rose on Friday after Chinese authorities to safeguard the world’s second-largest economy from coronavirus shutdowns, lifting sentiment following disappointing updates from Apple and Amazon, however, VN-INDEX opened cautiously with gap down of 3.8pts. This gap was swiftly filled thanks to the assistance of the Banking sector. Following that, sectors that have lately outperformed the market, such as Fertilizer, Retail, Aquaculture, Chemicals, and Information Technology, have attracted the attention of capital flows. In addition, many groups of industries that had recently experienced a significant decline have continued to rebound technically, including Construction, Public Investment, Industry, and Materials, which has assisted the Index in maintaining its recovery momentum throughout the morning session. Following the favorable movement, the VN-INDEX continued to rise and was approaching the strong resistance level of 1,370.0-1,380.0pts in the afternoon session. Taking profits pressure emerged on almost all of the sectors in this area, causing the market to tremor somewhat before the ATC session began. Today’s session saw an improvement in liquidity compared to the previous two sessions, although this improvement was mostly due to VCB’s put-through transaction, which was valued up to VND2,283bn. The impact intensity of drivers and draggers was fairly evenly distributed. Indeed, VCB (-0.7%), GAS (-1.6%), SAB (-1.8%), SSB (-1.3%), and CTG (-1.6%) together detracted 4.6pts from the market, whilst BID (+1.5%), BCM (+3.5%), TCB (+4.0%), VIB (+3.9%), ACB (+5.5%), and MWG (+2.9%) collectively added 4.3pts to the Index in total. At the end of the session, the VN-INDEX increased 1.2% to 1,366.8pts, while the HNX-INDEX rose 1.6% to 365.8pts.

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