Vietnam Daily Market Recap June 05, 2023 – Market Strategy June 2023, Fishery sector, DGW, TPB & BSR

Market commentary: VN-Index rally extends; gains narrowed in the afternoon

The VN-index continued to rise on the back of VN-30 blue-chips, ultimately finishing the day 7.0pts higher. As US stocks surged on hopes of US economic resilience, the VN-Index followed suit and started the week by 10.5pts gap with outstanding traction mostly coming from blue-chips in the VN-30 basket. The strong recovery in oil prices benefited Oil & Gas tickers, especially GAS, PLX and BSR. The market began to set eyes on cyclical sectors such as Steel, Chemicals and Shipping as these stocks almost missed the recent rally bandwagon. The market’s trading volume deflated towards noon and the index slowly wavered, hinting selling force coming soon. In the afternoon, profit-taking activities emerged, targeting mid-caps equities performing well in previous sessions especially in speculative sectors such as Real Estate and Securities. However, blue-chips successfully kept the VN-Index from dropping too low, notably with VCB (+3.3%) alone contributing 3.6pts to the index. Followed by GAS (+2.2%), MSN (+2.5%), FPT (+1.4%) and VHM (+0.6%).The GVR (-2.3%), TCB (-0.9%), EIB (-2.6%) and NVL (-2.5%), on the other hand, had a negative influence on the Index’s performance. At the end of the session, the VN-INDEX increased 0.6% to 1,097.8pts, while the HNX-INDEX inched up 0.2% to 226.6pts.

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