Vietnam Daily Market Recap Mar 14 – PVS

Market Commentary: The VN-INDEX was under severe selling pressure, with foreign investors participating in their 6th straight net selling session

The VN-INDEX remained under intense selling pressure following a negative trading week, falling 1.4%, to 1,446.3pts in Monday session. However, the sharp decline in the Index also provoked the bottom-fishing cash flow, which precluded the market from sinking too far into the bearish territory. In light of the fact that the VN-INDEX had a less favorable trading week and that military tensions in Ukraine tended to escalate, the market began negative with a 7.2pts gap down. Right from the outset of the session, the profit-taking force came from stocks that had seen substantial gains recently, including Oil & Gas, Fertilizer, Materials, Chemicals, Transportation, and Coal. Moreover, other groups of industries were also under pressure of correction, causing the index to plummet and at times lose as much as 25.0pts. However, as the market approached the support level of 1,430.0-1,440.0pts, bottom-fishing was initiated, which assisted the Index in recovering just that little amount before the morning session came to a close. Opening the afternoon session, the market continued to move back to challenge the support zone of 1,430.0-1,440.0pts. Once again, bottom-fishing demand was attracted and concentrated primarily on Banking stocks, causing the market to recover slightly and fluctuate around 1,450.0pts before entering the ATC session. Stocks such as GAS (-6.1%), HPG (-3.8%), MSN (-4.5%), GVR (-3.3%), PLX (-3.6%), and VIC (-0.9%) were known for exerting downward pressure on the market. On the other side, equities in the Aviation and Banking sectors, such as VJC (+4.7%), SHB (+3.8%), VCB (+0.5%), EIB (+3.4%), TPB (+1.4%), and STB (1.4%), were able to keep the market from tumbling too severely. At the end of the session, the VN-INDEX plumped by 1.4% to 1,446.3pts, and the HNX-INDEX decreased by 1.3% to 436.6pts.

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