Vietnam Daily Market Recap May 23, 2022

Market commentary: After having a solid week of recuperation, the VN-INDEX returned the bearish territory

The selling pressure intensified significantly during most of the trading day, which resulted in the VN-INDEX falling significantly by 21.9pts to 1,218.8pts and putting an end to the rally week before. European equities and Wall Street futures rose early on Monday as traders attempted to call an end to a downturn in global stocks driven by surging inflation and fears of major economies falling into recession, meanwhile, VN-INDEX opened with a slight upward gap of 5.0 pts. After a week of recovery, most of the industrial groups were displaying evident signs of profit-taking pressure; nevertheless, the Oil and Gas group caught the focus of cash flow during the initial few minutes of the market. Before the selling frenzy in large-cap stocks, particularly in Banking and Real Estate, caused the market to fall even further, the index struggled to maintain its position around the reference level. Following the negative movements of the morning session, the market continued to be subject to severe profit-taking pressure, even though the Oil and Gas sector had an unforeseen increment. The selling pressure eventually resulted in a panic selling at the close of the session; however, this also instantly triggered the bottom-fishing cash flow, which resulted in a rebound in both the liquidity and the score just before the ATC session began. In today’s session, the losing side showed its dominance over the gaining group. Indeed, VPB (-4.3%), BID (-3.3%), BCM (-6.5%), MSN (-3.1%), CTG (-3.5%), VCB (-1.2%) removed 7.6pts totally from VN-INDEX, while BVH (+1.2%), DCM (+2.1%), BHN (+2.8%), PGV (+1.0%), IDI (+6.9%), SCS (+3.3%) contributed only 0.5pts. At the end of the session, the VN-INDEX decreased strongly by 1.8% to 1,218.8pts, and the HNX-INDEX fell 2.1% to 300.7pts.

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