Vietnam Daily Market Recap Mar 11 – MWG & DGC Initiation

Market Commentary: At the close of the afternoon session, the selling intensified

The increased selling in most sectors, especially Oil & Gas and Materials, caused the VN-INDEX to fall dramatically; however, Banking, Vingroup – related stocks attracting cash flow assisted the market recover slightly at the end of the session, the Index fell 0.9% to 1,466.5pts, with a 32% higher in liquidity. In the backdrop of the most of international market indices tumbling, reflecting unfavorable news namely the European Central Bank tightening monetary policy sooner than planned, as well as revealing the highest inflation in the last 40 years in the US, VN-INDEX opened cautiously with a gap down of 0.7pts. The market divided from the first few minutes of the day, with Oil & Gas, Material, Consumer, and Vingroup – related stocks under selling pressure, on the one hand, and banking stocks continuing to recover. For the most of the morning session, the VN-INDEX languished around 1,475.0pts level. Profit-taking increased most of the stocks that had directly profited from military tension in the previous period, as well as the corrective stress on most industrial groups, leading the Index to fall sharply at the start of the afternoon session. The market breached the support level of 1,470.0pts before backtracking its steps to 1,458.9pts, which was the session low. Here, bottom-fishing demand concentrated on large-cap stocks such as Vingroup-related stocks, and the banking assisted in a minor recovery of the Index before entering ATC session. GAS (-4.7%), MSN (-5.0%), HPG (-3.2%), PLX (-5.4%), and GVR (-2.9%) were the largest losses in today’s trading session. The names BID (+2.2%), VNM (+1.2%), MBB (+1.3%), VCB (+0.4%), and EIB (+3.2%) were among those who prevented the Index from slipping too far into the red. At the end of the session, the VN-INDEX plumped by 0.9% to 1,466.5pts, and the HNX-INDEX decreased by 1.2% to 442.2pts.

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