Vietnam Daily Market Recap Jan 17
Daily Market Recap 17/01/2022 77
Market Commentary: Panic selling resulted in a 43.2pts decline on the VN-INDEX to 1,452.8pts
The afternoon session saw a significant rise in selling pressure as investors panicked. Thus, the VN-INDEX fell by 2.9% on the first trading day of the week. Following last week’s session rise, the market began positively and immediately surged to the intraday high of 1,503.9pts (+0.5%), aided by the Banking and Oil & Gas sectors. However, when certain hot stocks continued to fall to the floor following the previous 4-5 sessions and investors were unable to cut losses, they were forced to sell other liquid stocks in order to recoup cash, leading the market to reverse course and fluctuate in reference level throughout the morning session. Opening the afternoon session, the margin call continued to execute, forcing the market to drop significantly. After piercing the Technical Moving Average 50 (1,478.0pts) support level, selling accelerated, resulting in a drop of up to 40pts on the VN-INDEX. Stocks associated with the VIN-GROUP with several Banking and Real Estate stocks, including VHM (-3.8%), VIC (-1.9%), VRE (-6.9%), VPB (-5.2%), GVR (-6.9%), and BCM (-3.8%) contributed to the index’s decline. Following panic selling in the market for a number of Banking, Oil & Gas stocks, which had made substantial gains in the morning, were also under pressure profits taking activities. Only VCB (+3.4%) remained in the green territory, contributing 2.6pts to the market. At the end of the session, the market fell 2.9% to 1,452.8pts, with 446 stocks falling and 125 stocks hitting the floor and the HNX-INDEX also fell 4.6% to 445.3pts.
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