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Vietnam Daily Market Recap Jan 11, 2023

Daily Market Recap 11/01/2023    120


Market commentary: The VN-Index gained 2.4pts despite increasing profit-taking pressure in the afternoon

The VN-INDEX continued to fluctuate around 1,050pts level. Asia-Pacific shares traded mostly higher as investors looked ahead to the U.S. consumer price index, which would set the Federal Reserve’s trajectory in its attempt to tackle inflation after raising rates seven times in 2022. The VN-INDEX opened with a gap of 6.0 points in tandem with the upbeat tone from Asian markets as investors hoped to break from the sideways trend. The rally is underpinned by VN30 stocks such as `SAB, MWG, NVL and ACB. The banking, steel and surprisingly, textile sectors became bright lights as they rallied strongly at the start of the session, assisting the market in reaching its intraday high of 1,065.1pts. Similar to the current trend in recent sessions, the afternoon session saw a decline in bullish cash flow while a rise in demand for profit-taking, particularly when bearish investors have an advantage in price. The selling force to capture profit was not strong, but because reciprocal demand was too low, the price primarily fluctuated in a narrow range over the green zone. The vast majority of blue-chip companies have declined since the morning session, with only 4 equities increasing today while 23 stocks decreased. VHM (+2.1%) was the market leader today, providing 1.1pts to the market, followed by SAB (+2.8%), CTG (+1.9%), ACB (+3.2%), HPG (+2.0%), VIC(+1.1%) and NVL (+6.8%). On the contrary, VCB (-2.5%), VNM (-2.0%), EIB (-6.7%), VRE (-3.1%) and VPB (-1.3%) are the stocks that have contributed to the decline in the index. At the end of the session, the VN-INDEX inched up 0.2% to 1,055.8pts, while the HNX-INDEX increased by 0.5% to 211.7pts.

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