Vietnam Daily Market Recap Feb 16 – Economic update, POW & ACB
Daily Market Recap 16/02/2022 75
Market Commentary: Real estate and construction stocks drew investor’ attention, while the VN-INDEX remained flat, closing at 1,492.1pts.
The market struggled at the critical resistance level of 1,500.0pts and spent the most of the day lingering around the reference level. A bullish start to the trading day followed the robust surge of the previous day, as the market opened with a gap up of 7.0pts, near to the crucial resistance level of 1,500.0pts. However, the market soon began to decline, with the primary contributing source coming from the Oil & Gas sector, which was impacted by unfavorable news regarding global oil prices after Russia’s announcement of its troops pullback. As the index retreated to the red territory of the diverging market, Construction and Real Estate stocks gained, while large-cap Companies and Oil & Gas were under selling pressure. After struggling to stay above the reference level, the VN-INDEX finished the morning session with a closing of 1,490.0pts. Opening the afternoon session, the selling pressure on Blue-chip stocks grew dramatically, forcing the INDEX to plummet to its intraday low of 1,486.7pts before the bottom-fishing force entered and assisted the VN-INDEX to return to the tension zone. Until the start of the ATC session, the market remained volatile around reference level. The majority of large-cap companies that played a significant role in yesterday’s session, such as GAS (-2.5%), BID (-2.3%), VIC (-1.0%), MSN (-1.5%), and EIB (-3.9%), have gone to the downside. A strong performance was seen in Real estate and Construction stocks, which helped to keep the market from plunging too far, notably DIG (+6.9%), BVH (+4.7%), GEX (+5.5%), GVR (+1.2%), and REE (+5.9%). At the end of the session, the VN-INDEX went sideways and closed at 1,492.1pts, while the HNX-INDEX surged 1.3%% to 429.1pts.
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