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Vietnam Daily Market Recap Jun 27, 2022

Daily Market Recap 27/06/2022    60

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Market commentary: VN-INDEX conquered important resistance level of 1,200pts

The market was able to continue its increasing momentum throughout the session thanks to the support from large caps and the rally of equities that dropped heavily recently. Global financial markets snapped a losing streak on Friday, registering their first weekly gains this month as fears of a looming recession prompted investors to rethink how aggressive central banks will need to be in order to tame high inflation, the VN-INDEX opened positively with a gap increased by 3.2pts. The lack of liquidity during the morning session continued to be a worrisome and it was even worse than it had been during the prior two sessions. The cash flow was rather conservative and only concentrated on Banking, Securities, Oil & Gas sector. This demand was able to assist the index in maintaining the increasing momentum and getting closer to the level of 1,200pts when the morning session came to a close. During the afternoon session, the capital flow continued to find its way into the Financial sectors in addition to other industries like Consumption, Materials, Energy, and Real Estate. The consensus was established, and the index soon overcame the significant resistance level of 1,200pts. After hitting a high for the day at 1,203.5pts just before the start of the ATC session, the VN-INDEX came under selling pressure from the Fertilizer group. Notably, the market went up with a positive market breadth despite the fact that liquidity was still low, even though there was some recovery in the afternoon session. There was a positive correlation between the NVL (+6.5%), MSN (+3.2%), HPG (+5.0%), CTG (+3.4%), VPB (+2.7%), and VRE (+4.4%) stock prices and the Index. Meanwhile VIC (-1.1%), DPM (-6.9%), DCM (-6.9%), VNM (-0.6%), LPB (-4.5%), ITA (-6.9%) put pressure on the market. At the end of the session, the VN-INDEX increased 1.5% to 1,202.8pts, while the HNX-INDEX rose 1.6% to 280.4pts.

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