Vietnam Daily Market Recap Jan 13 – Economic update & Oil & Gas sector

Market Commentary: The VN-INDEX fell 1.0% to 1,496.1pts as selling surged

The market decreased 14.5pts to 1,496.1pts in the afternoon, as selling targeted Real Estate and VINGROUP- related stocks. Following yesterday’s remarkable increase, the market began in a positive sentiment, aided by the Banking sector, including BID (+4.4%), VCB (+2.4%), CTG (+2.9%), and MBB (+1.7%). However, the influence of unfavorable rumors continued to permeate on the market. Thus, the selling pressure from Real Estate stocks swiftly brought this surge to a halt. Following that, the VN-INDEX fluctuated near the reference level until the morning session. Although Steel stocks gained significantly in the afternoon session, the market fell substantially because of profit-taking activities in VINGROUP-related stocks and other large caps. VIC (-2%), VHM (-1.7%), GVR (-4%), GAS (-2.8%), VRE (-6.1%), and DIG (-7%) all contributed to the general market’s decline. After breaching the market’s 1,500.0pts threshold to Techinical Moving Average 20, the bottom-fishing force was deployed, assisting the market in recovering to 1,507.1pts. At the session’s conclusion, ATC lost steam, prompting the VN-INDEX to fall 1.0% to around the session low of 1,496.0pts, while the HNX-INDEX fell 2.7% to 460.8pts.

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