Vietnam Daily Market Recap Jan 14

Market Commentary: The VN-INDEX moved sideways at 1,496.0pts due to the divergence between Real estate and Banking stocks

The market moved sideways at 1,496.0pts due to the divergence between Real estate and Banking stocks. Following the decline in yesterday’s session, the market opened in negative sentiment and quickly gapped down 18.5pts. However, as a result of strong buying force among banking pillars and a technical rebound in stocks that had fallen severely in the previous 2-3 sessions, the market recovered and closed the morning at reference level. Moreover, the bullish trend continued into the afternoon session, helping the index to climb and surpassing 1,500pts. Various stocks contributed to the VN-INDEX’s gain, including VCB (+1.8%), CTG (+0.9%), STB (+2.0%), VNM (+1.9%), POW (+4.7%), and VRE (+1.8%). However, after attaining the highest level of 1,503.3pts, the market then reversed down and fluctuated around the reference level as well as the Technical Moving Average 20 (1,495.0pts). Certain Real estate large caps that rebounded in the morning were under pressure of profit taking as well as some banks that sank, adding to the market’s dip notably DIG (-6.9%), TCB (-1.5%), NVL (-1.8%), BCM (-2.4%), MSB (-4.3%), VPB (-1.1%). At the end of the session, the VN-INDEX inched down and closed at 1,496.0pts while the HNX-INDEX gained 1.3% to 466.9pts.

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