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Vietnam Daily Market Recap Jul 05, 2022

Daily Market Recap 05/07/2022    368


Market commentary: Banking was unable to halt selling pressure from the remainder of the VN-Index

Today’s cash flow was extremely disparity, as the Banking group attracted cash flow while most stocks were under strong selling pressure, causing the session to close with a drop of 14.2pts to 1,181.3pts. European and Asian stocks edged higher on Tuesday, as traders balanced signs of recovery in China’s services sector with fears over the health of the global economy, while the VN-Index opened cautiously with a gap up of 2.9pts. Groups of stocks that have been negatively correlated with the market in recent times, such as Oil & Gas, Energy, Fertilizer, Aquaculture, Retail, Chemical, Seaports Industrial experienced selling activity shortly after the market opened. On the other hand, Materials and Banking sectors operated as a magnet for cash flow and formed the market’s backbone. However, as the morning session was coming to a close, the Index sank into the red as the negative sentiment swept across the market and prompted substantial selling pressure to thrive across most sectors. After a rough start to the day, the Banking sector saw a significant uptick in cash flow again and even several equities in Banking’s bucket reached celling price in the afternoon session. But, as the ATC session was about to begin, the index abruptly reversed course after nearing the reference level, plunging deep into bearish territory. Compared to yesterday, when investors were focused on Banking stocks and the panic selling force was covering equities that had a negative correlation with the market recently, liquidity jumped substantially by about 40%. The Banking sector entirely controlled the market-leading , which included BID (+3.6%), TCB (+3.9%), MBB (+3.5%), CTG (+1.5%), VPB (+1.0%), and STB (+3.1%). On the other hand, GAS (-5.2%), MSN (-5.3%), VNM (-2.7%), GVR (-3.6%), DGC (-6.9%), and VHM (-0.8%) were among the companies that weighed down the index. At the end of the session, the VN-INDEX declined considerably by 1.2% to 1,181.3pts, and the HNX-INDEX decreased by 1.2% to 277.9pts.

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