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Vietnam Daily Market Recap June 13, 2022

Daily Market Recap 13/06/2022    22


Market commentary: The VN-Index was plagued by panic selling

VN-Index sank deep into negative territory with liquidity jumped by 14% compared to the previous session and momentum climbed significantly during the day. Global equities and shorter-dated US Treasuries dropped on Monday as investors dialed up their predictions of an economic downturn, sustained high inflation and central banks raising interest rates, and the VN-Index opened negative, falling as much as 33.0pts. With such a substantial gap, the market immediately breached crucial support level The Technical Moving Average 20 (1,269.9pts). Energy, Oil & Gas, Aquaculture, and Fertilizer rapidly rebounded strongly, assisting the Index to achieve its session’s high at 1,261.5pts, in contrast to the majority of sectors, which were under intense selling pressure. After the bearish movements in the morning, supply and demand on the market somewhat converged, and the market struggled around the 1,235.0pts threshold. However, in the last minutes of the session, a considerable spike in the volume of selling activity drove the VN-Index to 1,227.0pts, which was the session’s lowest position before the ATC session began. Up to 90% of equities declined, contributing to a substantial decline in the market’s overall positive breadth. The lossers decisively triumphed over the ganners. In point of fact, MSN (-6.8%), VHM (-3.4%), VPB (-6.9%), BID (-5.5%), CTG (-6.8%), and HPG (-5.4%) detract a total of 14.7pts from the Index, whilst EIB (+1.6%), POW (+1.7%), VSH (+3.0%), NT2 (+3.0%), PDN (+6.9%), and BBC (+6.9%) only add 0.5pts. At the end of the session, the VN-INDEX dropped 4.4% to 1,227.0pts, and the HNX-INDEX declined 5.9% to 288.4pts.

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