Give us your feedback

Vietnam Daily Market Recap Mar 15 – Econ

Daily Market Recap 15/03/2022    38

Share

Market Commentary: After a string of days of declines, the VN-INDEX rebounded marginally

The market continued to test the 1,430.0-1,440.0pts support zone before bottom-fishing cash flow concentrated on stocks benefiting from military tensions in Ukraine and Banking that pushed the VN-INDEX marginally higher by 0.5%to 1,452.76pts. In the face of a falling world market that reflected negative news, Chinese stocks in Hong Kong fell the most since the global financial crisis, as the country’s worst of Covid-19 outbreak since the pandemic began and US’s yield on the benchmark 10-year Treasury jumped to 2.15%, which is the highest level since mid-2019, cause the VN-Index opened cautiously with a gap down 1.4pts. The market saw a bifurcation right from the start of the day, with equities that had profited from military tensions in Ukraine being sold off and stocks in the Construction, Real Estate, Banking, and Consumer sectors, on the other hand, attracting capital flow. The index struggled around the reference level, but as selling mounted in several sectors, particularly in VN30, the market fell further, challenging the support zone of 1,430.0-1,440.0pts. Immediately following the conclusion of the lunch break, bottom-fishing demand was reawakened and concentrated on stocks that have a positive correlation with commodity prices and that have been discounted sufficiently to attract investors. Aside from that, the bulk of Banking stocks rallied as well, allowing the VN-INDEX to return to bullish territory and reach a session high of 1,453.1pts before transitioning into the ATC session. The equities MSN (+3.7%), VPB (+2.5%), GAS (+1.9%), BID (+1.9%) were among those that contributed to the market’s recovery. On the other hand, VCB (-3.7%), after four technical recovery sessions, has remained under intense selling force, alone deducting 3.7 points from the Index, followed by SAB (-1.8%), FPT (-0.9%), PDR (-1.4%). At the end of the session, the VN-INDEX inched up 0.5% to 1,452.7pts, while the HNX-INDEX increased strongly 1.6% to 443.5pts.

Read the full report: HERE

DMCA.com Protection Status