Vietnam Daily Market Recap Feb 24 – TPB and T&G sector
Daily Market Recap 24/02/2022 187
Market Commentary: The market’s decline narrowed, thanks to the activation of the “bottom-fishing” action
The conflict between Russia and Ukraine had reached a boiling point sparked the panic selling, but bottom-fishing demand stopped the market from plunging too far, and the session ended with the market down 1.1% to 1,494.9pts. A cautious market began this morning, with the gap down 0.5pts as a result of the dismal performance among major stock markets yesterday as well as the political tensions in Europe still looming notorious. Within a situation when oil prices are on the cusp of reaching new highs, the Oil & Gas stocks had maintained its position as a pioneer in the VN-INDEX. Because Russia – the world’s top fertilizer manufacturer was embroiled in a conflict with Ukraine, the fertilizer stock price continued to rise sharply. While other sectors were under mild corrective pressure, the index varied around 1,510.0pts level. The negative sentiment then accelerated, forcing the market to fall instantly and lose the critical support level of 1,500.0pts before noon break. Following the morning bearish movements, panic selling was initiated as soon as the afternoon session began. The index penetrated the critical support level Technical Moving Average 20 (1,490.0pts) before retracing its steps to the next support level at 1,471.0pts. Bottom-fishing cash flow was ignited in this situation after a substantial discount was offered to investors who had been sitting on the sidelines for the previous month, resulting in an explosion of liquidity that completely absorbed all of the selling force. The market rebounded gradually in most industrial categories, regaining the support level MA20 before entering ATC. Large companies, such as VIC (-2.9%), VCB (-1.8%), CTG (-2.9%), TCB (-2.3%), BID (-2.2%), and VHM (-1.0%), exert downward pressure on the index. In contrast, VPB (+2.8%), GAS (+1.7%), MSN (+1.5%), DXG (+6.9%), and DPM (+6.9%) performed impressively, offsetting the market’s downward momentum. At the end of the session, the VN-INDEX plumped 1.1% to 1,494.9pts, and the HNX-INDEX decreased 1.7% to 434.9pts.
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