Vietnam Daily Market Recap Mar 03, 2023

Market commentary: Negative sentiment continued to spread out, the VN-INDEX tumbled to 1,024.8pts

Throughout the day, the VN-INDEX was under heavy selling pressure from most sectors, closing the session down 12.8pts to 1,024.8pts. After the opening bell, the market opened positively with a gap of 3.5pts. However, selling pressure emerged just as the index reached its intraday high of 1,041.4pts. Red hue dominated several sectors, typically Banking, Real Estate, and Consumer and Securities. Although there was a time when Steel stocks such as HSG and NKG attracted the money inflow, the index still lost points when it moved to the break. The bottom-fishing cash flow was initiated early in the afternoon session, allowing the VN-INDEX to recover slightly. However, panic selling was restarted later, causing the market to plummet. Compared to the previous session, liquidity on HOSE increased by around 18%, notably in the last minutes when the selling occurred. VCB (-2.5%), MSN (-3.8%), BID (-1.1%), VPB (-1.7%), ACB (-2.2%) and FPT (-1.9%) were stocks that had a positive downward correlation with the market. On the other hand, STG (+5.0%), PLX (+0.4%) and VSC (+3.8%) slightly reduced the index’s downward momentum. At the end of the session, the VN-INDEX decreased by 1.2% to 1,024.8pts, and the HNX-INDEX dropped 0.6% to 204.9pts.

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