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Vietnam Daily Market Recap Mar 31

Daily Market Recap 31/03/2022    211


Market commentary: The VN-INDEX struggled in narrow range with liquidity dwindling

Large-cap stocks demonstrated their capacity to carry the market throughout the day, despite the fact that other sectors, particularly Oil & Gas and Materials, were under severe corrective pressure, VN-INDEX closed nearly unchanged with liquidity falling about 40% from the previous session. Due to the end of US and European stocks’ gaining streak on Wednesday, as the prospect of a peace deal in Ukraine knocked confidence and volatilized the energy price, VN-INDEX opened cautiously with a slight gain of 2.0pts. When there was no unanimity among sectors, the VN-INDEX fluctuated around the 1,495pts line. Indeed, several stocks in the VN30 bucket, including Consumer Discretionary, Consumer Staples, Banking, Technology and Real Estate gained considerably, while Oil & Gas and Materials had been under severe selling pressure. The Oil & Gas sector in particular weakened after Thursday’s decline in crude prices as the Biden administration headed toward another release of US emergency oil reserves to curb growing inflation. The selling force surged across industrial groups in the afternoon session, with a particular emphasis on the morning session’s least efficient trading sectors, forcing the market to reverse quickly. Immediately upon infiltrating the bearish zone, the reciprocal bottom-fishing cash flow was activated, assisting the Index in recovering marginally before entering the ATC session. VNM (+6.2%) was a pleasant surprise today, contributing 2.5pts alone to the Index after a lengthy losing streak, followed by VRE (+2.9%), CTG (+1.3%), VGC (+6.9%), and VPB (+1.1%). GAS (+1.6%), MSN (+1.3%). HPG (-0.9%), DIG (-2.6%), and STB (-1.7%), on the other hand, imposed downward pressure on the market. At the end of the session, the VN-INDEX closed unchanged at 1,492.2pts, while the HNX-INDEX slightly stumped 0.4% to 449.6pts.

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