Give us your feedback

Vietnam Daily Market Recap Mar 07 – BCG

Daily Market Recap 07/03/2022    85

Share

Market Commentary: The VN-INDEX was overwhelmingly in the red as banking stocks were under selling pressure

In the first trading session of the week, the VN-Index dropped sharply by 6.3pts and lost 1,500pts level to 1,499.1pts. Following the Asia stock market sell-off, the VN-INDEX opened in a pessimistic manner and easily lost ground. In which, selling pressure mainly focused on banking and securities stocks. TPB (-4.3%) dropped the most in the VN30 and was also the biggest loser in the banking sector due to strong selling of foreign investors with a net sale volume of nearly 2m shares. Other banking stocks also lost ground included BID (-2.4%), CTG (-1.8%), ACB (-3.1%), MBB (-2.1%), TCB (-1.4%). However, the liquidity of these stocks was not sudden, which shows that the investors’ selling force has slowed down after strong discharge sessions last week. Similarly, securities stocks also recorded strong correction pressure such as VCI (-1.4%), VND (-1.2%), MBS (-1.6%), SHS (-1.3%), AGR (-1.6%). Many large caps such as SAB (-3.4%), VJC (-3.7%), VRE (-2.5%), PDR (-1.1%), POW (-1.4%), NVL (-1.3%) VHM (-2.2%), VNM (-1.4%) also dropped, making the market unable to break through. On the other hand, cash flow focused on mid caps today, especially those that benefited from the escalation of commodity prices such as fertilizers, steel, chemicals, oil and gas, coal. In particular, GAS (+5.6%), PLX (+3.6%), and PVD(+7.0%) gained strongly after Russia announced to close the valve of the Yamal-Europe pipeline and halt all gas supplies to the West. However, the strong selling pressure in large-cap groups made the VN-Index unable to escape the decline during the afternoon session. Thus, the VN-INDEX closed in the red at 1,499.1pts (-0.4%) while the HNX-INDEX increased 0.5% to 452.9pts.

Read the full report: HERE

DMCA.com Protection Status