Vietnam Daily Market Recap Feb 23, 2023 – VPB & PVT

Market commentary: Stocks strong rally to reverse slide in late trading

The VN-Index was under selling pressure throughout the day, but pillar stocks that rebounded towards the end of the session enabled the index to come back and close near reference level at 1,053.7pts. As investors sentiment remained weak after Fed minutes reaffirmed a tough stance on inflation, the VN-Index immediately fell into bearish territory right after the opening bell. The downtrend gradually accelerated and showed no sign of hesitation. By noon, all sectors lost ground, with Real Estate and Securities having suffered the most. In the afternoon session, selling pressure persisted, and at one point, bringing the index to intra day low of 1,030pts level. Following the market dropping to the session’s low, the market’s bottom-fishing cash flow became active across the board and immediately gained traction, especially in the Banking sector. Many large-cap were dragged out of bearish territory and closed in green. Foreign investors experienced the 7th consecutive net sold session since last week. BID (+3.8%), ACB (+2.2%), HPG (+1.4%), TCB (+1.6%) and VCB (+0.3%) were the largest contributors for the Index. On the other hand, top laggards today included MSN (-3.7%), VRE (-5.7%), VHM (-1.4%), GAS (-1.1%) and VJC (-2.6%).. At the end of the session, the VN-Index declined 0.1% to 1,053.7pts and the HNX-INDEX also dropped 0.3% to 209.3pts.

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