Vietnam Daily Market Recap Aug 25, 2022 – Property sector

Market commentary: The VN-Index kept rolling along on its gaining streak

After a slow start to the day, the market’s upward trend picked up steam in the afternoon, and the Index finished the day up 11.70pts, at 1,288.9pts. Global stocks rose on Thursday after China announced a boost to infrastructure spending and as investors awaited the start of the much-anticipated Jackson Hole economic symposium of central bankers. The VN-Index opened positively with a gap increase of 3.2pts. After successfully testing the critical support level of Technical Moving Average 20 (1,250.9pts), the index sustained its upward momentum, which has extended to three consecutive days. The morning’s most active sectors were securities, consumption, and public investment, which enabled the market to retain its position in the positive area. During the afternoon session, multiple groups of sectors, including real estate, fertilizer, chemicals, seafood, and raw materials, gained significantly, allowing the market to achieve a high consensus. Before the ATC session began, the index surged constantly and gradually to a session high of 1,289.2pts. Notably, the VN-Index surpassed the closest level of resistance at 1,280.0pts with enhanced liquidity and cash flow compared to prior sessions, demonstrating a fairly solid gaining trend. The leading group dominated the group that had a negative correlation with the market today. Indeed, VHM (+2.2%), GVR (+5.4%), VIC (+1.5%), VPB (+1.7%), CTG (+1.8%), and MWG (+2.4%) contributed to a total of 5.6 pts. Meanwhile, GAS (-0.7%), VGC (-1.7%), FLC (-6.9%), CMG (-3.3%), PVD (-1.4%), and PNJ (-0.5%) only removed 0.7pts from the VN-Index. At the end of the session, the VN-INDEX increased by 0.9% to 1,288.9pts, while the HNX-INDEX inched up by 0.2% to 301.9pts.

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