Vietnam Daily Market Recap June 08, 2023

Market commentary: Correction took place at late trading to snap the 5 day winning streak

The VN-Index dropped 8.2pts to 1,101.3 due to selling pressure surging in the late trading session. Following the upbeat sentiment in the late of prior trading session, the market opened robustly, climbing 5.6pts to achieve its intraday high of 1,115.1pts before selling pressure emerged and quickly pushed the index below the reference level. The VN-Index swiftly recovered the green for a short period of time before profit-taking came back with stronger momentum in the afternoon. The sharp selling impulse was sparked in recent strong gainers such as Real Estate or Financials stocks, especially speculative mid-caps and pennies. The market witnessed significant pressure that made the index close trading at its intraday low of 1,101.3pts with highest liquidity level since December 2022. Components of the index that saw selling pressure today were BID (-1.5%), TCB (-2.6%), VPB (-2.0%), GVR (-3.0%), and GAS (-1.0%). Notably, VCB (+3.1%) became today’s major traction, alone adding 3.5pts for the index. Other large-cap stocks also prevented a further drop including HPG (+0.9%), DHG (+5.2%), HVN (+1.9%), and VGC (+2.6%). At the end of the session, the VN-Index declined down by 0.7% to 1,101.3 pts, and the HNX-Index significantly dropped by 1.5% to 226.8 pts.

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