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Vietnam Daily Market Recap Feb 14

Daily Market Recap 14/02/2022    73

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Market Commentary: Banking stocks suffered a significant decline, and the index dropped 2.0% to 1,472.0pts

When trading session came to a close, banks were hammered, effectively wiping off effort recovery of the market. The VN-INDEX began unfavorably, with a 15.0pts gap down, as a result of news of political tension in the foreign, as well as the prospect that the Federal Reserve may hike interest rates later this month. The market was clearly split, with Oil & Gas, and Aviation stocks all seeing significant gains as a result of the escalation of tensions in Europe and the government’s decision to resume all foreign flights on 15 Feb. Even while several sectors were experiencing tremendous upward momentum at the time, the Real Estate, Banking, and Materials sectors were under heavy profit-taking pressure, which made the market recover more slowly. The market remained in the red throughout the morning session, and it repeatedly tested the critical support level Technical Moving Average 20 (1,480.0pts) before ending at 1,490.0pts in late trading. With bottom fishing being practiced in almost all sectors during the afternoon session, the VN-INDEX rebounded and struggled to 1,490.0pts. Then, at around 14:00PM, Banking stocks were unexpectedly subjected to selling pressure, leading the market to fall precipitously and subsequently pierce the critical support level MA20 before entering the ATC session. VCB (-4.4%) was the most significant loss, deducting 4.9pts from the INDEX, followed by other Banking stocks such as BID (-6.6%), CTG (-6.0%), TCB (-4.1%), and MBB (-5.7%). On the other hand, owing to the assistance of GAS (+4.5%), SAB (+5.2%), VJC (+5.4%), DIG (+6.9%), and MSN (+1.2%), that mitigate the decline of the market. At the end of the session, the VN-INDEX plummeted 2.0% to 1,472.0pts, and the HNX-INDEX declined 1.4% to 421.0pts.

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