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Vietnam Daily Market Recap Jun 22, 2022

Daily Market Recap 22/06/2022    25


Market commentary: VN-Index continues to exhibit reluctance at May’s bottom

VN-Index recorded a divergent session and oscillated around the reference level with a modest decline of 3.2pts to 1,169.3pts at the close of the session. US stocks gained on Tuesday, leading the S&P 500 index to its best day since late May, as traders hunted for bargains following a steep weekly decline for global shares fueled by central banks raising interest rates, and VN-Index opened positively with a gap up 7.6pts. However, this bullish gap was rapidly bridged once the market hit its daily high of 1,185.9pts, as recent high-profit sectors exerted selling pressure. The selling force swiftly morphed into panic selling in Oil & Gas, Energy, Seaports Industry, Fertilizers, and Aquaculture, driving VN-Index to its reference level. In contrast, following a series of days of significant selling pressure, the Financial, particularly Securities, Materials, Real Estate and Construction sectors, rebounded substantially, prompting the Index to hover around the reference level when the morning session ended. After the choppy movements of the morning, the market was able to find some equilibrium between the pressure from groups with high decreasing momentum and the surprise uptick in demand that came flooding into the banks in the afternoon. The market remained volatile close to the reference level until the ATC session was about to start. Notably, the index had its second consecutive session of demonstrating caution when approaching the key bottom region in May, but the liquidity had not yet shown any signs of improvement. The group dropped with GAS (-6.9%) alone taking away 4.2pts of the Index, followed by VCB (-2.2%), MSN (-4.5%), VNM (-4.2%), FPT (-5.2%), and MWG (-5.0%). On the other hand, TCB (+5.5%), VPB (+4.4%), MBB (+4.5%), HPG (+3.4%), CTG (+2.4%), STB (+6.8%) were the stocks that helped the market to stand firm. At the end of the session, the VN-INDEX decreased slightly by 0.3% to 1,169.3pts, while the HNX-INDEX increased strongly by 1.8% to 269.4pts.

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