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Vietnam Daily Market Recap May 10, 2022 – PVS

Daily Market Recap 10/05/2022    18

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Market commentary: The VN-INDEX made a dramatic turnaround thanks to strong bottom-fishing in afternoon session

The VN-INDEX rose by 23.9pts to 1,293.6pts today, thanks to a robust breakout of numerous large caps in the afternoon session. Following the negative sentiment in the yesterday drop, the market immediately dipped into the red territory right after the opening bell and quickly reached a sharp reduction of 36pts, with a strong selling behavior spreading to almost all sectors. However, a strong bottom-fishing force then began to emerge, preventing a further drop of the market, and gradually pulled the index back to approach the reference area before noon break. The strong traction continued to enhance in the afternoon session, several stock groups, including Oil&gas, Financial, Real estate suffered from sharp decline in the morning, started to reverse and make a spectacular breakout, somes even touch the ceiling. As the session progressed to the end, the market got more positive with an increasing consensus from several large caps, including VCB (+2.7%), VHM (+2.8%), BID (+3.9%), GAS (+3.0%), HPG (+2.9%). Besides, VNDirect Research’s recommended stock group for May 22 also recorded an impressive surge which are PVS (+10.0%), BCG (+7.0%), REE (+6.9%), VPB (+4.4%), and MWG (+3.3%). On the other hand, some of the stock still suffered from strong dip, including, DPM (-6.9%), DCM (-6.9%), PGV (-3.5%), OCB (-4.1%), VIB (-1.5%). At the end of the session, the VN-INDEX rose 1.8% to close at its intraday high of 1,293.6pts. The HNX-INDEX also edged up 2.1% to 330.0pts.

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