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Vietnam Daily Market Recap June 14, 2022

Daily Market Recap 14/06/2022    22

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Market commentary: After two consecutive panic selling sessions, the VN-Index searched for equilibrium

The market diverged and fluctuated around the reference level throughout the session, and it finished with a slight increase of 3.3pts to 1,230.3pts. European shares and US stock futures gained some respite on Tuesday following a severe sell-off in the previous session that plunged Wall Street into a bear market as the prospect of aggressive tightening by central banks rattled global investors, while the VN-Index opened negatively with a gap down of 13.5 pts. The index was placed under pressure as early as the first few minutes by factors including Materials, Finance, and Brokerage sectors. However, with the strong support of stocks that have performed well recently, which rebounded impressively after having an attractive discount, such as Seaports Logistics, Fertilizers, Aquaculture, Oil & Gas, and Energy. When the morning session was almost through, the VN-Index gradually and steadily made its way back to the green hue. Following the regaining of momentum in the morning, the Index continued to advance and eventually hit the session’s high at 1,239.4pts. However, the selling force was quickly triggered here, particularly with stocks of Securities and Material groups that had a sell-off, which caused the market to plunge into negative territory. When the ATC session was ready to begin, just a few minutes later, the bottom-fishing force entered and almost instantly assisted in the Index’s recovery in the V shape. GAS (+6.8%) alone contributed 3.9pts to the Index, followed by VCB (+0.8%), FPT (+3.4%), MWG (+2.5%), SSB (+4.4%), GVR (+1.9%). On the other hand, HPG (-4.7%), MSN (-2.5%), VIB (-6.8%), SAB (-1.9%), TPB (-4.2%), and VND (-6.5%) were stocks that had a negative correlation with the market. At the end of the session, the VN-INDEX inched up 0.3% to 1,230.3pts, while the HNX-INDEX increased 0.6% to 290.1pts.

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