Vietnam Daily Market Recap Feb 24, 2023 – BAF

Market commentary: Gloomy sentiment prevailed, VN-Index fell following the consensus loss from pillar sectors

The VN-Index ended its last weekday session with red hue dominating the market, edging down 14.1pts to 1,039.6pts. Cautious sentiment lingered as investors lost incentive for new buy amid the current unfavored bond-related news among large property institutions. Thus, VN-Index recorded a gap down right after the opening bell. The bright spot in the morning came from solid performance among Power large caps, reacting to the new progress update from PDP8, urgently submitted to the authorities for further review. Therefore, the small effort from this sector helped a light rebound before the downtrend resumed as soon as the index turned back to near the reference level. In the afternoon, the selling pressure accelerated, dragging the index deeper into the red. The downward momentum then slowed down, and the index fluctuated sharply toward the end of the sessions. HVN (+5.2%), GAS (+0.7%), SAB (+1.0%), VCB (+0.2%), DPM (+2.3%) were today’s minimal traction, preventing further drop. On the other hand, BID (-2.1%), VHM (-2.4%), HPG (-3.3%), CTG (-2.6%), ACB (-3.1%) and VPB (-2.3%) were today’s top laggards, erasing the most point from the index. At the end of the session, the VN-Index dropped 1.3% to 1,039.6pts with significant low liquidity of VND6,547bn, the HNX-Index also declined 0.9% to 207.3pts. 

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