Vietnam Daily Market Recap May 12, 2022 – Economic update
Daily Market Recap 12/05/2022 23
Market commentary: The pessimism covered the whole market, VN-INDEX collapsed 62.7pts in today’s session
The VN-INDEX suffered from a significant drop of 62.7pts to 1,238.8pts, as several market pillars simultaneously covered in blue hue. The negative sentiment immediately emerged right after the opening bell, causing a solid gap down of around 14.0pts. Moreover, investor attitude has not shown any signs of improvement, and the negative information flows of several recent macro determinants from inflation risk, bond market tightening to the decline of the global markets have caused liquidity to drop sharply to just around VND13,000bn. Hence, the market closed the mid-day session with several large caps covered in red. Contrary to the strong bottom-fishing traction at the end of yesterday’s session, the market did not have any support today, causing the afternoon session to record a deeper drop with negative sentiment gradually strengthening towards the end of the session. Several market pillars from Financial and Real estate simultaneously reached the “blue” and started spreading onto the remaining sectors. In particular, VCB (-3.8%), BID (-6.9%), VPB (-6.9%), TCB (-6.9%), CTG (-6.4%), MBB (-6.7%) are some of top laggards in today’s session. On the contrary, there are still small efforts coming from stocks such as SAB (+0.9%), LGC (+5.2%), EIB (+0.5%) and PGV (+0.5%). However, the efforts are insignificant compared to the market’s downward momentum. At the end of the session, the VN-INDEX dropped 4.8% to 1,238.8pts and the HNX-INDEX also slumped 5.3% to 315.22pts.
Read the full report: HERE