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Vietnam Daily Market Recap Jun 28, 2022

Daily Market Recap 28/06/2022    59


Market commentary: The VN-Index had its second consecutive session of gains

VN-Index continued to sustain the upward momentum with support from most groups, particularly Banking, Securities, Real Estate, and Oil & Gas, ending the session the Index increased by 15.3pts to 1,218.1pts. European and Asian stocks rose on Tuesday, extending gains from the previous session, as traders balanced signs of slowing global growth with news that China was easing COVID-19 quarantine restrictions, while the VN-Index opened cautiously with a gap of 0.4pts. The morning session of trading on the market was marked by a high degree of caution, during which it spent most of the time oscillating somewhere around the reference level. Indeed, the cash flow continued to spread to the sectors that have been subjected to intense adjustment pressure in recent times and were experiencing robust recovery momentum, such as Real Estate, Public Investment, Construction, Securities, Banking, and Oil & Gas. On the other hand, sectors that had lately gone against the market, such as Fertilizers, Aquaculture, and Energy, have been subject to intense selling pressure. As the morning session was coming to a close, the gainers, headed by the banking sector, showed indications of dominance, resulting in a robust rally for the VN-Index. Following the constructive moves that occurred in the morning, the Index continued to make substantial progress toward a gain as the cash flow continued to expand to other equities. After reaching its session high of 1,221.7pts, the index was subject to some corrective pressure just before the ATC trading session began. This occurred when the group that had dipped earlier in the morning was suddenly subject to panic selling pressure. Notably, the market experienced a robust recovery session for the second trading day in a row, which was accompanied by positive market breadth and a rise in liquidity of 28.9%. Stocks with a positive correlation with the market included BID (+6.0%), VCB (+1.9%), CTG (+4.3%), VPB (+3.8%), TCB (+3.2%), and GAS (+1.4%). In contrast, NVL (+-4.7%), HPG (-1.7%), DCM (-4.9%), VIC (-0.3%), VNM (-0.4%), and ITA (-6.9%) were the stocks that put pressure on the index. At the end of the session, the VN-INDEX increased by 1.3% to 1,218.1pts, and the HNX-INDEX gained 1.2% to 283.9pts.

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