Vietnam Daily Market Recap Jun 07, 2022 – TCB

Market commentary: The extraordinary was calling VN-Index

VN-Index was subject to intense selling pressure in the morning, but it astonishingly rebounded after successfully testing a key support level in the afternoon session, closing with a modest gain of 1.3pts at 1,291.4pts. Global stocks turned lower on Tuesday as a rally in the previous session, driven by China loosening some Covid-19 restrictions, was cut off by concerns about central banks raising interest rates, while, the VN-Index opened negatively with a gap down of 4.9pts. Following unanticipated pressure towards the end of yesterday’s afternoon, selling increased immediately upon the market’s opening, particularly in the Real Estate and Banking sectors, forcing the market to plunge further into the negative region. In some sectors, the selling escalated into panic selling, causing the market to retreat to the crucial support level of The Technical Moving Average 20 (1,258.3pts). Contrary to the bearish movements in the morning, the VN-INDEX languished around 1,270.0pts before the substantial activation of the bottom-fishing cash flow. As the ATC session was ready to begin, cash flow expanded across the market, especially in Oil & Gas, Energy, and Insurance, allowing the market to rebound rapidly and restore its green hue. VHM (-1.2%), BID (-1.7%), VIC (-0.6%), TPB (-3.6%), MWG (-0.5%), and EIB (-3.0%) had the most influence on a decline. On the other hand, the stocks VCB (+1.6%), FPT (+2.3%), PLX (+4.0%), POW (+6.9%), BCM (+3.0%), and BVH (+3.7%) contributed to the market’s miraculous rebound. At the end of the session, the VN-INDEX inched up 0.1% to 1,281.4pts, while the HNX-INDEX decreased 0.9% to 304.2pts.

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