Vietnam Daily Market Recap Jan 06, 2023 – Market Strategy January 2023

Market commentary: VN-Index lost ground in late trading session

The market was optimistic in the opening, but profit taking sent the afternoon session down 4.4pts, to 1,051.4pts. In the US, averages fell on Thursday after jobs data showed the labor market is still strong despite the Federal Reserve’s interest rate hikes to tame inflation. In the morning’s session, the main index opened in green and fluctuated upward steadily as cash flow was drawn into Banking and Securities sectors. The leading stocks in these two groups also made a significant contribution to the substantial improvement in liquidity. 41% of the total matched value on HOSE was contributed by 16 Banking stocks. The afternoon’s session was less fruitful than the morning’s one. As the stock market saw a strong bounce early this week, profit-taking pressure started to materialize in this week’s last trading session with market breadth swiftly shrunk after 13:00. Securities stocks lost ground and fell into bearish territory. Banking stocks still maintained to perform well, yet not enough to support the VN-INDEX. The market had already dropped into the red before the ATC session began because of corrective pressure. Today, BID (+2.2%) and SAB (+3.7%) became the market’s major support, with LPB (+6.6%), VIB (+2.5%), ACB (+1.3%), VHM (+0.4%), and EIB (+1.8%) trailing behind. To the contrary, the index was pushed down by MSN (-3.7%), GAS (-1.8%), VNM (-1.7%), HPG (-2.0%), GVR (-3.4%), and VJC (-2.0%). At the end of the session, the VN-INDEX decreased by 0.4% to 1,051.4pts, and the HNX-INDEX plumped by 1.2% to 210.7pts.

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