Vietnam Daily Market Recap Aug 23, 2022 – KDC

Market commentary: VN-Index abruptly changed direction and rose during the afternoon session

After approaching a critical support level, the VN-Index unexpectedly reversed direction and gained substantially throughout the afternoon session, closing the session increased 10.4pts to 1,270.8pts. US stocks suffered their biggest decline in two months on Monday, with technology shares falling sharply on the gloomy economic outlook and concerns that members of the Fed will adopt a hawkish tone at a symposium this week. The VN-Index opened negatively with a gap down of 7.0pts at1,253.4pts, approaching the important support level of Technical Moving Average 20 (1,250.0pts). Here, the market was bolstered by cash flow from bottom-fishing, which caused the Index to wave below the reference level in the morning. Stocks in the securities, real estate, public investment, minerals, and chemicals industries that had dropped a lot in recent sessions saw a lot of cash flow during the afternoon session. Also, the Index bounced back strongly, topping out at 1,270.80pts just before the ATC session began, with the support of widespread agreement across pillar stocks. BID (+2.7%), VNM (+2.8%), GAS (+1.8%), BCM (+4.0%), PLX (+3.9%), and HPG (+1.3%) each had a positive correlation with Index. VIC (-1.5%), SAB (-2.1%), PGV (-2.0%), VRE (-0.7%), SVC (-7.0%), and DGC (-0.8%) were the names that put pressure on the market. At the end of the session, the VN-Index increased by 0.8% to 1,270.8pts, and the HNX-INDEX rose by 1.5% to 299.1pts.

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