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Vietnam Daily Market Recap Aug 04, 2022 – FCN & STK

Daily Market Recap 04/08/2022    73


Market commentary: The VN-Index continues its winning run for the fourth consecutive session

When the selling pressure to take profits mounted gradually after a string of advances, the VN-Index had a rocky session; in the end, the VN-Index gained slightly by 4.4pts to 1,254.2pts. European equities traded cautiously on Thursday as balanced investors’ positive US corporate earnings and economic data with a wave of monetary tightening by central banks. The VN-Index opened cautiously with a gap up of 2.7pts. The index fluctuated within a narrow band throughout the trading day, with little gain or decline. After the market’s spectacular advance, profit-taking pressure equaled the sustained increase in capital flow from investors, resulting in a slowing in the VN-Index. The market struggled for the remainder of the morning session after achieving the session high of 1,257.4pts (approaching the strong resistance zone of 1,262-1,282pts). For the most part of the afternoon session, the VN-Index struggled, and only a few key stocks began to pull aggressively as the ATC session was about to start. Notably, liquidity remained strong, but the number of gainers and losers was evenly distributed, indicating that the market was beginning to correct in a diverging manner. Stocks like VCB (+3.8%), VHM (+1.8%), NVL (+3.0%), BCM (+2.5%), VPB (+1.4%), and PLX (+2.9%) kept the market afloat today. On the other hand, GAS (-2.7%), SAB (-2.6%), MSN (-1.9%), VGC (-4.9%), CTG (-0.9%), and KBC (-2.1%) weighed down the index. At the end of the session, the VN-INDEX inched up 0.4% to 1,254.2pts, while the HNX-INDEX decreased marginally by 0.1% to 297.7pts.

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