Vietnam Daily Market Recap Aug 22, 2022 – VNM & PHR

Market commentary: The market witnessed a significant spike in selling pressure

The Index fell 8.8pts to 1,260.4pts as selling pressure intensified across most sectors, notably among small and medium-sized firms. Wall Street stocks extended their losses on Friday with the Nasdaq Composite and S&P 500 indices registering weekly declines that ended a four-week stretch of gains and the VN-Index opened negatively with a gap down of 4.6pts. The market as a whole came under heightened selling pressure, especially small and medium-sized companies that enjoyed a lengthy and impressive advance in sectors including Securities, Real Estate, Public Investment, and Energy were particularly hard hit. However, the Oil & Gas, Insurance, and Consumtion sectors attracted investor attention and managed to counteract the selling impetus, allowing the Index to languish below its reference level in the morning session. Strong selling pressure emerged in the afternoon session, with certain Real Estate stocks leading the sell-off, and the market was down at a session low of 1,255.8pts. The thirst for bottom fishing stocks enabled the Index to make a modest rebound just before ATC kicked off. Notably, substantial selling pressure pushed the market to lower support levels following a series of cumulative sessions below the key resistance level of 1,280-1,300pts and a failure to surmount it. VIC (-2.8%), BID (-2.3%), VCB (-1.1%), VHM (-1.2%), HPG (-1.7%), and GVR (-2.3%) all had a negative correlation with the market. In the meantime, stocks such as BCM (+7.0%), MWG (+3.7%), SSB (+4.0%), BVH (+2.1%), HAG (+6.4%), and REE (+1.8%) keep the Index from plunging too far into the bearish territory. At the end of the session, the VN-Index declined by 0.7% to 1,260.4pts, and the HNX-INDEX decreased by 1.1% to 294.7pts.

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