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Vietnam Daily Market Recap Jul 01, 2022 – ETF Monitor

Daily Market Recap 01/07/2022    351


Market commentary: The VN-Index had a miraculous V-shaped recovery session

The market experienced a volatile day, with the index closing up by just 1.3pts at 1,198.9 following a strong afternoon rally and heavy selling pressure in the morning. Global equities started the second half of the year lower as investors saw no end to the inflation and interest rate pressures that pushed Wall Street to its worst first-half performance for more than half a decade, and the VN-Index opened negative with a gap down of 4.6pts. The market was still bearing the brunt of the panic selling that occurred at the close of yesterday’s afternoon session as well as the pressure from key indexes across the globe. In point of fact, the selling pressure that manifested itself across the majority of sectors, including Banking, Securities, Real Estate, Material, and retail, propelled the market further into the realm of bearish. The morning session ended close to the pivotal troughs in May and June. In stark contrast to the pessimistic attitude that prevailed throughout the morning session, the afternoon session saw a robust activation of the bottom-fishing money flow. The securities sector was the first recipient of the influx of capital, which then filtered through to other sectors such as banking, real estate, and other Blue-chip stocks. Regardless of the fact that liquidity remained low, the cash movement was furious and focused, allowing the market to swiftly rebound and restore its green hue before the ATC session began. Today’s market pillars were BID (+4.6%), CTG (+3.1%), VNM (+2.1%), VIB (+5.8%), FPT (+2.1%), and TCB (+1.3%). GAS (-2.2%), BCM (-5.7%), VCB (-1.1%), MSN (-2.2%), VIC (-1.2%), and VHM (-1.1%) are the names that put pressure on the index. At the end of the session, the VN-INDEX inched up by 0.1% to 1,198.9pts, while the HNX-INDEX increased marginally by 0.4% to 278.9pts.

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