Vietnam Daily Market Recap Mar 08
Daily Market Recap 08/03/2022 65
Market Commentary: Selling force escalated strongly in the late afternoon session
The market sank deep into the red hue as most sectors were subjected to intense selling pressure, particularly Banking, Real Estate, and stocks profiting from the military conflict in Ukraine, the VN-INDEX plummeted by 1.7% to 1,473.7 pts. In the context, Oil and natural gas prices see-sawed as global stocks fell on Monday after a US push to ban Russian crude faced German resistance, leaving markets rattled over the risk of energy sanctions cascading through the world economy, VN-INDEX opened negatively with a gap down of 11.7pts. The market was deeply in the red during the whole morning session when most of the industry groups were under the pressure of a correction. Stocks that are directly benefiting from the military tensions in Ukraine, such as Material, Oil & Gas, Fertilizer, and Chemical stocks, were under increasing pressure to reap gains from speculative financial flows. The selling pressure on sectors, particularly Banking and Real Estate – the groupings with the highest market capitalization – intensified after the negative movements in the morning, placing downward pressure on the Index in the afternoon session. Before entering the ATC session, the VN-INDEX had retreated to a level around the support level of 1,470.0pts. VCB (-4.0%) was the stock that has had the most detrimental effect on the Index, having eliminated 4.1pts on its own, followed by GAS (-3.1%), HPG (-3.2%), VHM (-2.1%), and MBB (-3.7%). Alternatively, equities having a negative correlation to the Index such as VJC (+2.1%), FPT (+1.1%), MSN (+0.4%), and HVN (+1.2%) contributed very little to the Index’s performance. At the end of the session, the VN-INDEX fell 1.7% and closed at 1,473.7pts, and the HNX-INDEX decreased 1.5% to 445.9pts.
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