Vietnam Daily Market Recap Aug 16, 2022

Market commentary: A key resistance level at 1,280-1,300pts presented a challenge for the VN-Index

There was a clear separation in the markets, as seen by the notion that the index spent the whole session bouncing about within a relatively small range eventually closing at 1,274.7pts, almost unchanged from the previous day. European stocks made muted gains on Tuesday ahead of a fresh burst of data that may offer further clues about the health of the global economy, and VN-Index opened neutral with a gap of 0.1pts. Today’s session was marked by a sideways trend of floundering around 1,273.0pts, indicating a distinct split across sectors. Indeed, the market’s rising momentum had slowed considerably, with equities in the Banking, Securities, and Information Technology sectors were seeing severe corrective pressure. Large-cap stocks in sectors including Material, Real Estate, Energy, and Consumer drove gains and buoyed the market. Inspiring the market further were HPG, NVL, PLX, MWG, SAB, and MSN. Conversely, BID (-1.2%), VIC (-0.8%), VCB (-0.4%), CTG (-0.9%), GAS (-0.4%), and VPB (-0.7%) all act to drag down the index. At the end of the session, the VN-INDEX was unchanged and closed at 1,274.7pts, while the HNX-INDEX decreased marginally by 0.3% to 303.2pts.

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