Vietnam Daily Market Recap Aug 26, 2022 – TCB & PVD

Market commentary: After three straight up days, the rally was losing steam

Profit taking after three straight up days weighed on the VN-Index in the afternoon, sending it down 6.3ptspts to 1,282.6. US stocks rose on Thursday as investors braced themselves for developments from the Jackson Hole central bankers’ summit and VN-Index opened positively with a gap increase of 2.4pts. Today, following three days in a row of gains, the VN-Index exhibited some weakness in its upward trajectory. Indeed, after reaching 1,295.1pts, the session high, selling pressure grew substantially, and the market retreated to the reference level just before the morning session ended. The selling pressure remained elevated throughout the afternoon session, amplifying the tremors. As the ATC session was about to begin, the VN-Index dropped to a session low of 1,280.0pts. The stocks that helped to stabilize the Index were MWG, VCB, EIB, FPT, BID, and VGC, while the stocks that dragged it down were VIC (-1.37%), VHM (-1.15%), GAS (-1.12%), VNM (-1.28%), HPG (-1.47%), and VPB (-1.1%). At the end of the session, the VN-INDEX decreased marginally by 0.5% to 1,282.6pts, and the HNX-INDEX plummeted by 0.8% to 299.5pts.

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