Vietnam Daily Market Recap Mar 02 – PLX & VIB

Market Commentary: VN-INDEX was swamped in red hue due to the Banking sector’s panic selling pressure

While those directly profited from military tensions continued to gain, the market remained substantially in the red, with the Financial sector serving as the primary loser, closing the day with the VN-INDEX down 0.9% to 1,485.5pts. Against a backdrop of continuing negative pressure on international stock markets and the escalation of military tensions in Ukraine, the market began cautiously, with a tiny gain of 0.6pts. When the international oil price continued to rise at an astonishing speed, the Oil & Gas sector remained the market’s central focus. On the other hand, the Financial sector exerted pressure on the index from the outset, forcing the VN-INDEX to lose its rebound momentum yesterday and fall into the red zone significantly further. The panic selling manifested itself in the majority of banking stocks, forcing the Index to fall to its session low of 1,479.5pts before the close of the morning session. Steel and Fertilizer companies climbed concurrently throughout the afternoon session, and Real Estate stocks aided the index’s recovery. The market recovered marginally before the selling resumed, sending the market to fall to around the session low before to entering the ATC session. BID (-3.7%), CTG (-3.9%), MBB (-4.4%), VPB (-3.3%), TCB (-2.2%), and STB (-4.3%) all contributed negatively to the index. On the other hand, GAS (+1.3%), VJC (+2.9%), NVL (+1.3%), BCM (+2.1%), and SSB (+2.4%) were stocks that have made a concerted effort to halt the market’s decline. At the end of the session, the VN-INDEX fell 0.9% to 1,485.5pts, and the HNX-INDEX decreased slightly 0.3% to 442.3pts.

Read the full report: HERE