Vietnam Daily Market Recap Aug 30, 2022 – VTP & Market strategy

Market commentary: The VN-Index gained 8.6pts despite selling pressure increasing

The VN-Index recovered with the support of large-cap stocks, increasing 8.6pts to 1,279.4pts. Before the domestic stock market opened, investors witnessed the Dow Jones fall by 200pts due to the rising concerns about the interest rate hike and tighter monetary policy. However, it seemed like the domestic stock market was not affected by the gloomy global market. The VN-Index opened in green with a gap of 4.2pts after successfully testing the support level of 1250pts on the previous day. Several sectors such as Finance, Consumer Staples, and Materials surged remarkably, driving the VN-Index to its high intraday day of 1287.3pts. Notably, sugarcane stocks had an impressive rise with LSS (+7.0%), QNS (+3.9%), and SBT (+3.4%), following the recent positive news in the sugarcane industry. However, the selling pressure started to increase in the afternoon, making some mid-cap and small-cap stocks lose points. When the session came to its end, the large-cap stocks became the market’s backbone, helping the VN-Index maintain the green. Top stocks contributing the most were VCB (+4.2%), GVR (+7.0%), BID (+2.1%), GAS (+1.2%) and CTG (+1.8%). Meanwhile, top laggards were DIG (-4.5%), MWG (-1.0%), PLX (-1.5%), DXG (-4.4%), and KBC (-2.7%). After the ATC, the VN-Index rose by 0.7% to 1,279.4pts, while the HNX-Index dropped by 0.6% to 293.9pts.

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