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Vietnam Daily Market Recap Jun 24, 2022

Daily Market Recap 24/06/2022    22


Market commentary: The VN-Index moved within a narrow range, with liquidity staying low

The market fought around reference level, with large-cap stocks were under severe corrective pressure towards the end of the afternoon, causing the index to decline marginally by 3.4pts to 1,185.5pts. Global stocks were on course for their first weekly rise this month, as traders questioned whether an economic slowdown would temper banks’ plans for aggressive monetary policy tightening, and the VN-Index opened cautiously with a gap up of 1.9pts. The market had a cautious morning session after having a surprising significant increase at yesterday close, which occurred in the context of a sharp drop in liquidity. When the market got close to the resistance level of 1,190.0-1,200.0pts, there was an instant spike in selling from a few pillar stocks, which drove the market down to the reference level. However, when the morning session was just about to come to a close, the demand for bottom-fishing joined in and assisted the VN-Index in regaining its green tint. During the afternoon session, sectors that had recovered technically in the previous several sessions started to come under pressure to take profits, as investors started to prioritize portfolio management. The market was moving in a downward direction during the afternoon session; however, the liquidity was considerably worse than it had been the day before, which caused the price line to be rather choppy. The banking group was under considerable selling pressure as the ATC session was about to begin, driving the VN-Index further into the negative zone. GAS (-2.4%), VCB (-1.2%), CTG (-2.0%), NVL (-1.2%), TCB (-1.3%), VPB (-1.1%) were the stocks that put pressure on the index. Meanwhile, VNM (+1.1), BVH (+4.0%), VIC (+0.5%), SAB (+0.5%), BID (+0.6%), SSB (+1.0%) were contributors to the Index. At the end of the session, the VN-INDEX decreased slightly by 0.3% to 1,185.5pts, while the HNX-INDEX plummeted marginally by 0.5% to 275.9pts.

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