Vietnam Daily Market Recap Feb 22 – PVD

Market Commentary: The afternoon rebound of Banking, Oil & Gas stocks help offsetting the index loss

The primary foundations of the market today were Oil & Gas and Banking stocks, which helped the VN-INDEX avoid falling deep in the red territory, and closing the session down marginally by 0.5% to 1,503.5pts. After the opening bell, the market began negatively, with an 11.7pts gap down, as a result of unfavorable news such as the escalation of political tensions in Ukraine and the decline of global stock indexes. Later, the Oil & Gas stocks, which benefited from the tensions in Europe, as well as a few Banking and Retail stocks, played a major role in boosting the market’s overall performance. The market struggled around the threshold of 1,503.0pts, then the selling picked up in most sectors, particularly Real estate and mid-cap stocks, forcing the market to lose the critical support level of 1,500.0pts just before the closing of morning session. Following the bearish oscillations in the morning, the market continued to be under heavy selling pressure and plummeted to test the next critical support level the Technical Moving Average 20 (1,485.0pts). The bottom-fishing force was significantly explorative, concentrating on Banking sectors, leading the market to recover gradually and reclaim the support level of 1,500.0pts before the market entered the ATC session. MBB (+5.4%), BID (+1.7%), PLX (+3.5%), MWG (+2.8%), GAS (+0.6%), and CTG (+0.6%) were among the stocks that had a significant influence on the index today. Other large-cap companies, although rebounding towards the conclusion of the day, had a negative influence on the INDEX, including VIC (-1.9%), MSN (-1.6%), DIG (-6.9%), VHM (-0.9%), VCB (-0.7%), and VNM (-1.2%). At the end of the session, the VN-INDEX edged down 0.5% to 1,503.5pts, while the HNX-INDEX decline 1.5% to 434.4pts.

Read the full report HERE