Vietnam Daily Market Recap Jul 15, 2022 – Economic update

Market commentary: The VN-Index showed signs of hesitation at the crucial resistance level of Technical Moving Average 20 (1,183.1pts)

The market was optimistic in the opening, but profit taking sent the afternoon session down 2.9pts, to 1,179.3pts. Stocks were mixed, oil prices fell and the dollar pushed higher on Thursday, as questions about what red-hot inflation figures released on Wednesday would mean for US interest rate rises when the Federal Reserve meets later this month and VN-Index opened cautiously with a gap increase of 1.0pts. After yesterday’s strong surge, the market continued to draw in investor capital, particularly in Real Estate, Banking, Construction, and Materials sector. The market attained a high level of consensus and a session high of 1,189.7. When compared to the optimistic tone of the morning session, the afternoon session was less fruitful. There was pressure to take profit on stocks that had risen sharply over the previous week, particularly those that had made a strong recovery from a discount pricing range that was more appealing than the market as a whole. The market had already dropped into the red before the ATC session began because of corrective pressure on several stocks in the VN30 group. Today, HPG (+4.5%) surprisingly became the market’s major support, with VPB (+0.7%), VSH (+6.9%), TCB (+0.4%), MSB (+1.6%), and VIC (+01%) trailing behind. To the contrary, the index was pushed down by GAS (-1.3%), MSN (-1.3%), BID (-0.9%), VNM (-1.1%), MWG (-1.8%), and VJC (-1.6%). At the end of the session, the VN-INDEX decreased slightly by 0.3% to 1,179.3pts, and the HNX-INDEX plumped by 0.1% to 284.4pts.

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