Vietnam Daily Market Recap Aug 29, 2022

Market commentary: The VN-Index was smothered in the red hue

To conclude the day 1,270.8pts, the market was down 11.8pts as declining equities outweighed gains at one. The Dow Jones Average Index fell 3.0% on Friday’s session last week after the Chairman of the Federal Reserve (Fed) announced at the Jackson Hole conference that the Fed would continue to act aggressively to fight inflation, despite the damage to Economics. The VN-Index opened cautiously with a gap down of 18.6pts. The market dropped steadily at the beginning of the session, only fertilizer equities gained and led the market. The Index was more negative at the end of the morning session with the plunge of almost all sectors. The VN30 group had no stocks in the green, in which MSN was the only stock standing at the reference price, the remaining 29 stocks stayed in the red. Typically, SSI, POW, PDR, STB, TPB, GVR, PLX, HPG, VRE, HDB dropped sharply. As observed, banking stocks were the most negative group in the market this morning. Before the daybreak, besides SGB standing still, the rest of the codes dropped simultaneously. The decline also spread to many other businesses such as Real Estate, Securities, Construction & Materials, and Retail sector. Ending in the morning session, the VN-Index decreased by 30.3pts to 1,252.3pts. Selling pressure remained at the beginning of the afternoon session with the red dominating. However, the VN-Index showed a withdrawal reaction after reaching 1,249pts and only decreased by nearly 19pts at 2.00pm. Top laggards today included VIC (-2.2%), VNM (-1.8%), HPG (-2.1%), CTG (-1.9%), and TCB (-1.9%). However, petro and fertilizer codes went upstream thanks to the support of demand, PVD (+6.0%), PVS (+4.8%), PVB (+4.7%), PVT (+1, 4%), GAS (+1.1%), BSR (+1.2%), DPM (+6.8%), and DCM (+6.9%). At the end of the session, the VN-INDEX plummeted by 0.9% to 1,270.8pts, and the HNX-INDEX declined by 1.3% to 295.54pts.

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