Vietnam Daily Market Recap Aug 24, 2022 – MBB

Market commentary: VN-Index approached the crucial resistance range of 1,280-1,300pts

After yesterday’s successful test of a key support level, the index today persevered below the key support level of 1,280-1,300pts, ending the session up 6.4pts at 1,277.2pts. US stocks slipped for a third successive day on Tuesday, erasing early gains after weaker than expected economic data heightened concerns about the health of the US economy, while the VN-Index opened positive with a gap up of 4.6pts. Investor enthusiasm helped the market continue its upward trend from the previous session. During the morning session, the gainers far outnumbered the losers. But the cash flow was scattered, and it only really cared about a handful of sectors, including Consumer, Chemicals, Food Industry, Retail, and Energy; the rest of the sectors really struggled around the reference threshold. After reaching the key resistance zone between 1,280 and 1,300pts, the market remained under considerable selling pressure, causing the Index to struggle below this area. The market continued to test crucial resistance again in the afternoon but eventually fell back to 1,274.2pts. Here, investors instantly became intrigued by the Industrial Park Real Estate, and the VN-Index managed to recover before the ATC session began thanks to the minor increases made by various banking firms. VCB (+2.2%), VNM (+2.5%), NVL (+1.1%), TCB (+1.2%), DGC (+3.6%), and VGC (+3.6%) were stocks that had a positive correlation with the market. Meanwhile, SAB (-1.6%), BID (-0.5%), MSN (-0.6%), HPG (-0.6%), and VRE (-0.9%) were the stocks that put pressure on the index. At the end of the session, the VN-INDEX increased marginally by 0.5% to 1,277.2pts, while the HNX-INDEX climbed considerably by 0.7% to 301.3pts.

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