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Vietnam Daily Market Recap Mar 14, 2023 – Vietnam money market chartbook & Economic update

Daily Market Recap 14/03/2023    49


Market commentary: The VN-Index tumbled as investors weigh SVB concerns

The retreat of the VN-Index was in line with the movement of Asian stock markets following SVB market turmoil. The pessimistic sentiment then spread to the Vietnamese investors, causing the VN-Index to open with a 3.0pts gap down. The downward momentum appeared immediately after the market opened and then accelerated continuously, submerging the main index deep into the bearish territory. With a narrow market’s breadth, all stock groups lost ground today particularly the Financial, Real Estate, and Energy sectors. The trend continued into the afternoon session, only to be broken when the main index fell to an intraday low of 1,034.7pts. As the VN-Index reached an intraday low, a bottom-fishing cash flow was initiated, assisting the Index in recovering only a small amount before the ATC session. Stocks mostly in Banking sector such as BID (-2.6%), HPG (-3.8%), GVR (-4.4%), VCB (-0.6%), TCB (-1.7%), and ACB (-1.8%) were known for exerting downward pressure on the market. On the other side, equities such as SAB (+1.6%), VJC (+1.0%), HVN (+1.2%) and KDC (+1.8%) were able to keep the market from tumbling too severely. At the end of the session, the VN-INDEX slumped by 1.2% to 1,040.1pts, and the HNX-INDEX decreased by 1.6% to 202.6pts.

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