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Vietnam Daily Market Recap June 17, 2022

Daily Market Recap 17/06/2022    33


Market commentary: Financial sector proceeded to be the primary cause of the market downturn in today’s session

The VN-INDEX abruptly reversed, negating yesterday’s rally by dropping 19.3pts to 1,217.3pts in the last weekday’s session. Following the negative sentiment among global stock markets under the interest rate raising pressure from ECB, the index quickly sank into the red territory with a gap down of 25pts right after the opening bell. Banking, Securities and Steel sector continued to be the trio of factors, causing the index to shift down further. The negative sentiment from these sectors then gradually spread to the remained industries and at one point, pulling the index further and fell below the 1,200.0pts to touch its intraday low of 1,192.4pts. GAS and MSN, in reverse, performed positively, and provided a very modest effort to help the index to retreat in the morning session. From the afternoon session, gaining traction emerged with bottom-fishing cash flowing in, helping the market downturn to decelerate. Power sector continued to be the major highlight in today’s session owing to its impressive performance in recent days, with several sector pillars recording impressive increase. However, the minor attempts only helped the index to narrow the decline, as the stocks in the losing group still overwhelmed the gaining group. Indeed, VCB (-3.8%), MBB (-6.4%), CTG (-4.7%), TCB (-4.3%), and VPB (-3.8%) became today’s top laggard while GAS (+4.7%), MSN (+5.7%), POW (+4.5%), REE (+2.3%), and HDG (+5.2%) are the major contributor for the afternoon traction. At the end of the session, the VN-INDEX dropped 1.6% to 1,217.3pts and the HNX-INDEX also plunged 2.7% to 280.1pts.

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