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Vietnam Daily Market Recap Feb 21 – VNM & SZC

Daily Market Recap 21/02/2022    302

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Market Commentary: Banking stocks made a strong rebound in the afternoon session, assisting the VN-INDEX to rise by 0.4%

Despite the fact that Asian stock markets were in the red, the VN-INDEX managed to post a modest gain, thanks to the strong performance of Banking stocks in the afternoon session. The market began cautiously, almost unchanged from the previous week, reflecting worries over the Ukraine conflict and the fact that Asian stock indexes were trading in the negative sentiment. The market spent the most of its time laboring around the reference level as Banking, Materials, and other large-cap stocks were under pressure to decline, while Vingroup-related, mid-cap, Real Estate, and Securities stocks were receiving flow of money. Then, some large-cap bank stocks were quickly pushed higher, assisting the VN-INDEX to advance to 1,508.7pts just before the noon break. In the afternoon session, a series of Banking stocks drove the market forcefully, allowing it to reach the session high of 1,516.6pts before profit-taking activities accelerated as the Index approached the resistance level of 1,512.0pts. After a brief correction, the market was modestly lifted towards the close of the session, just before it was about to enter the ATC session. The stocks that have made the most contribution to the market’s upswing were VIC (+1.7%), GVR (+3.0%), BID (+1.2%), DIG (+3.8%), ACB (+1.6%), and VHM (+0.4%). Meanwhile, stocks such as MSN (-1.8%), GAS (-1.0%), HPG (-0.9%), VJC (-2.0%), BCM (-1.6%), and HVN (-1.8%) are putting downward pressure on the index. At the end of the session, the VN-INDEX slightly increased 0.4% to 1,510.8pts, while the HNX-INDEX surged 1.2% to 440.9pts.

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