Vietnam Daily Market Recap Mar 01 – Market strategy
Daily Market Recap 01/03/2022 75
Market Commentary: Real Estate stocks performed positively, the market approached the important psychological resistance level of 1,500.0pts
Today, the primary growth engines were Real Estate and Industrial stocks, while certain equities that had made strong gains in prior periods faced profit-taking pressure, the VN-INDEX approached the significant psychological resistance level of 1,500.0pts. Despite the possibility of rising military tensions in Ukraine, the market began favorably with a 3.8pts gap up. The VN-INDEX saw solid growth from the beginning, with the majority of the support coming from Steel stocks. However, as profit-taking surfaced from stocks that had seen substantial growth recently, such as Steel, Oil & Gas, and Fertilizer, the market corrected back to reference level. Following that, the money flow was instantly circulated and directed to the Real Estate sector, resulting in a strong surge in the Index, which reached the critical psychological resistance level of 1,500.0pts before the conclusion of the morning session. Following the bullish advance in the morning, the market struggled to stay above the barrier of 1,500.0pts until selling force picked up on most stocks, forcing the market to lose its momentum and fall below. Vingroup–related, as well as other major stocks, were hauled upward at the close of the session, assisting the market in sustaining the vital support level Technical Moving Average 20 (1,496.0pts) before entering the ATC session. Contrary to yesterday, VIC (+2.9%) acted as the main pillar of the market, followed by GVR (+4.5%), DIG (+6.9%), VCB (+0.6%), SSB (+4.2%). On the other side, BCM (-2.7%), MBB (-1.2%), HPG (-0.6%), PLX (-1.6%), and SAB (-1.1%) dropped, affecting the index somewhat. At the end of the session, the VN-INDEX increased 0.6% to 1,498.8pts, and the HNX-INDEX surged 0.7% to 443.6pts.
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