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Vietnam Daily Market Recap Mar 29

Daily Market Recap 29/03/2022    41


Market commentary: The VN-INDEX has regained almost all of the ground lost in the previous session

The VN-INDEX, in contrast to yesterday, sustained its upward momentum today, thanks to positive market breadth, strong demand from large-cap stocks, and the technical recovery of equities that had fallen strongly the day before. In the context of the World Index rose while oil price moderated on Tuesday as new lockdowns in China dampened the fossil fuel but the prospect of progress in Ukraine peace talk improved sentiment, the VN-INDEX began favorably with a 4.4pts gap up. Right from the outset of the session, the market demonstrated obvious signs of a discrepancy, with stocks that had a positive correlation with the oil price being under downward pressure, on the other hand, stocks that had dropped sharply the day before had a technical recovery in place, and some VN30 basket stocks attracted cash flow. Before the demand centering on Oil & Gas stocks, even negative news surrounding oil prices, the index struggled around the line of 1,490.0pts. This enabled the market to achieve a high consensus and reach the threshold of 1,495.5pts when the morning session finished. Continuing the bullish movement in the morning, the cash flow spread across most industrial groups, including Real Estate, Transportation, Finance, Construction, Technology, and Retail, assisting the Index in approaching the critical psychological resistance mark of 1,500.0pts. Taking profit grew considerably at this point, leading the market to tremor somewhat within a tiny range of around 5.0pts before entering the ATC session. VHM (+2.0%), FPT (+6.9%), VNM (+2.9%), BID (+1.9%), and DIG (+6.9%) were the equities that have risen in tandem with the rise in the VN-INDEX. VCB (-0.6%), MSN (-1.1%), SSB (-3.0%), DGC (-2.7%), and VHC (-3.8%), on the other hand, showed a negative correlation with the market. At the end of the session, the VN-INDEX increased 1.0% to 1,497.8pts, and the HNX-INDEX rose by 1.4% to 461.2pts. 

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