Vietnam Daily Market Recap May 17, 2022 – PVT

Market commentary: The VN-INDEX recovered strongly with the blooming of purple

The VN-INDEX witnessed a strong rebound as many market pillars were covered in purple color. Following yesterday’s negative sentiment, the VN-INDEX was still under selling pressure after the opening bell, pushing the Index into red territory, and soon hit the intraday low of 1,156.5pts. However, the bottom fishing demand came into the market, helping to keep the VN-INDEX back into the green territory in the morning. Thanks to good business results and attractive valuation, the Banking sector has been directed by cash flow, causing the robust increase in many stocks in this sector, such as BID (+7.0%), VPB (+6.9%), VCB (+2.4%), CTG (+6.9%), TCB (+6.9%), and MBB (+6.9%). The positive sentiment spread out to all other sectors, making 151 stocks on VN-INDEX covered in purple. Notably, BID became the strongest leader after increasing to VND34,450, alone contributing 2.9pts to the Index. Other than banks, other top leaders of today were GAS (+6.2%), MSN (+7.0%), VNM (+6.4%), and HPG (+5.2%). At the end of the session, the VN-INDEX jumped 4.8% to 1,228.4pts, and the HNX-INDEX edged up 2.7% at 315.4pts.

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