Vietnam Daily Market Recap Feb 28, 2023

Market commentary: The VN-Index marginally higher with HOSE’s liquidity level decreasing

Morning technical recovery was hindered by increased cutting-loss activity in the afternoon, and the VN-INDEX closed up 3.5pts to 1,024.7pts. Following an improvement in liquidity in the previous session, the VN-Index opened strongly positive with a 9,2pts gap. The number of gainers more than tripled the number of losers as the market saw investor buying demand emerge in most sectors. Liquidity, on the other hand, did not support the bullish trend, as trading volume on the HoSE fell 37% from the previous morning. As a result, despite the earlier positive sentiment, the upward trend lost momentum and selling pressure emerged after the index reached an intraday high of 1,034.4pts. The Banking and Construction sector along with mid cap Real Estate stocks, in particular, were under selling pressure, sending the VN-Index below reference level. Fortunately, the pressure has also decreased significantly, allowing stocks to recover slightly in the context of low cash flow. The market began the ATC session in the green. Blue chips such as VCB (+0.8%), MSN (+2.6%), VHM (+1.4%), VRE (+3.7%) and SAB (+1.5%) successfully prevented the VN-INDEX from falling too far into the negative territory, adding 3.4pts to the VN-Index. Other top laggards included TCB (-1.9%), HVN (-3.6%), BID (-0.3%), MWG (-1.2%) and CTG (-0.5%) were stocks that fell. At the end of the session, the VN-INDEX inched up slightly by 0.3% to 1,024.7pts, while the HNX-INDEX decreased 0.4% to 202.4pts.

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