Vietnam Daily Market Recap Jan 18

Market Commentary: The market witness second decline, falling 13.9pts to 1438.9pts

The market had its second decrease, sliding 13.9pts to 1438.9pts, although the market avoided a catastrophic loss thanks to the bottom fishing force at the afternoon session’s closing. With negative sentiment after the market’s largest decline in last five months, the market began with a 12.6pts gap down to 1,439.3pts. Following that, the selling force increased, targeting Real Estate, Materials, Industrials, and Brokerage sectors, causing the VN-INDEX to drop up to 18pts. On the other hand, some Banking and Oil & Gas stocks gained significantly, dragging the index back and assisting the index in recovering close to the reference level when the morning session closed. However, in the afternoon session, when margin call pressure became apparent on stocks that had been continuously falling to the floor in the previous week, the market plunged freely to the Technical Moving Average 100 (1,425.0). Here, the bottom-fishing force sparked and aided the market’s recovery to 1,440.0pts level, especially VCB (+1.6%), BID (+2.9%), GAS (+2.3%), STB (+4.0%), VJC (+3.3%), and HDB (+1.9%), all together contributed 5.6pts to the VN-INDEX today, preventing it from sliding too far. Nevertheless, Real Estate, Brokerage, and Materials all contributed to the market’s decline, notably VHM (-2.7%), GVR (-6.5%), VIC (-1.1%), HPG (-1.6%), DIG (-6.9%), BCM (-3.8%), and SSI (-6.6%). At the end of the session, despite a significant rebound, the market was still blanketed in red as 339 stocks plummeted, the VN-INDEX declined 1.0% to 1,438.9pts, and the HNX-INDEX sank 5.4% to 421.2pts.

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