Vietnam Daily Market Recap Jul 22, 2022

Market commentary: At the key psychological resistance level of 1,200,0pts, the market remained volatile

Even though the VN-Index spent most of the day stuck around the resistance level of 1,200.0 points, the afternoon session saw considerable selling pressure on large-cap stocks, which resulted in a minor decline of 3.7pts, sending the index down to 1,194.8pts. European stocks and Wall Street equity futures trended lower on Friday after US social media group Snap blamed tough macroeconomic conditions for bleak quarterly results, sparking fears for the ongoing corporate earnings season, and VN-Index opened cautiously with a gap up of 0.8pts. Small and mid-cap stocks were under pressure to correct and take profits, causing the market to continue to diverge. In the opposite direction, Banking and Industrial Real Estate attracts cash flow and became the main driving forces of the market. For the remainder of the morning trading session, the Index fluctuated erratically at 1,200.0pts, a significant psychological barrier. The afternoon session of VN-Index trading saw the Index’s unpredictable performance continue for the first half of trading until it abruptly plunged. The primary factors contributing to the Index’s closing at 1,196.8pts before the ATC session ended were large-cap stocks, Banking, Retail, Materials, and Vingroup related stocks. VIC (-2.9%), BID (-2.7%), HPG (-2.25), CTG (-2.2%), VNM (-1.6%), and ACB (-1.2%) were the stocks that put pressure on the index. GAS (+3.5%), BCM (+6.9%), MSN (+2.8%), VIB (+4.4%), TCB (+0.7%), and SAB (+0.6%) became the pillars of the market today. At the end of the session, the VN-INDEX decreased slightly by 0.3% to 1,194.8pts, while the HNX-INDEX inched up by 0.3% to 288.8pts.

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