Vietnam Daily Market Recap Mar 02

Market commentary: The VN-Index corrected with low liquidity

The VN-INDEX slightly edged down 2.9pts to 1,037.6pts with the low level of liquidity. Following yesterday’s positive sentiment, VN-INDEX kicked off the morning session in the red hue but quickly turned around, reaching its intraday high of 1,043.8pts. However, selling pressure soon appeared as the Ministry of Construction proposed to stop granting VND110tr credit package for social housing, pushing the index to the red hue. In the afternoon session, selling pressure targeted Consumer Staples stock, pushing the index to its intraday low level of 1,037.6pts. BID became the largest movers, gaining 1.6% to VND46,400, followed by other large stocks, including VCB (+0.2%), PNJ (+3.5%), POW (+2.8%) and HDB (+1.7%). On the other hand, SAB (-1.8%), CTG (-1.6%), MSN (-1.9%), HPG (-1.4%), and VRE (-2.2%) were the main reason for today’s trading decrease. In the late trading session, the buying demand pulled the index near the reference level, closing the VN-INDEX at 1,037.6pts (-0.3% vs yesterday’s session). Correspondingly, HNX-INDEX also slumped by 0.3% to 206.1pts.

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