Give us your feedback

Vietnam Daily Market Recap Jun 06, 2022

Daily Market Recap 06/06/2022    65

Share

Market commentary: VN-INDEX’s effort to overcome a crucial resistance level was thwarted by a sharp spike in selling during the afternoon session

The market sustained its upward momentum throughout the morning, but towards the end of the day a sharp increase in Real Estate-focused selling occurred at the vital resistance, causing VN-INDEX to return to the reference level. European and Asian stocks rose on Monday after China loosened some Covid-19 restrictions, soothing markets that have been unsettled by concerns over global central bank rate rose to tackle persistently high inflation, and VN-INDEX opened with a gap of 2.0pts. Index was subject to corrective pressure from the opening minutes, as Real Estate and Consumer sectors exerted pressure on the market while VN diamond’s stocks drew cash flow. In light of the fact that oil prices remained elevated, Energy, Oil & Gas groups subsequently shown a significant rally. The cash flow then spread to other sectors, including Banking, Securities, Materials, Fertilizer, and Consumer, assisting the market in reaching a high consensus and gaining ground considerably. Following the morning’s favorable advances, the VN-Index again challenged the key resistance level of 1,300pts; however, the sudden spike in profit-taking caused the market to rapidly reverse direction. Then, the selling pressure intensified, with a concentration on Real Estate, Banking, Aquaculture, and Financial sectors; which resulted in the market falling to the level of the reference level. Despite the fact that the market ended in the green, it is important to note that about 62% of equities had declined, particularly small and medium size firms. Indeed, gainers dominated today’s session by adding up to 8.3pts, such as GAS (+4.6%), VCB (+2.8%), MSN (+3.7%), SAB (+2.1%), PLX (+3.2%), and DPM (+5.6%), which all contributed to the upward movement of the market. On the other hand, the group that came out on the losing end, which included NVL (-1.5%), BCM (-3.1%), PGV (-5.7%), DIG (-6.9%), TPB (-3.6%), and TCB (-1.1%), was only able to take 3.0pts away from the market. At the end of the session, the VN-INDEX increased slightly 0.2% to 1,290.0pts, while the HNX-INDEX decreased 1.2% to 306.8pts.

Read the full report: HERE

DMCA.com Protection Status