Vietnam Daily Market Recap May 24, 2023

Market commentary: Corrective pressure continued to increase in late trading

The VN-Index closed 4.1pts down to 1,061.8pts as selling pressure against the Banking and Basic Resources sector. Despite yesterday’s selling pressure in the afternoon, the VN-Index kicked off the morning session with 3.3pts gap up however the selling pressure quickly emerged in the market, pushing the VN-Index to close the morning session below reference point. After a slight rebound in early afternoon, turning the index in a glimpse of green hue, the bearish sentiment reappeared, targeting Banking stocks such names as TCB (-1.8%), BID (-0.8%), STB (-2.0%) and Steel stocks include HPG (-1.8%), HSG (-2.2%), NKG (-2.0%). HPG became the largest laggard, slumping by 1.8% to VND21,300, followed by other large-caps, including TCB (-1.8%), BID (-0.8%), VNM (-1.0%), and GAS (-0.8%). On other hand, VHM (+1.5%) became today’s major traction, alone adding 0.9pts for the index. Other large-caps also prevented a further drop including MSN (+2.0%), BSI (+7.0%), FTS (+5.8%), and BCM (+0.4%). At the end of the session, the VN-Index decreased by 0.4% to 1,061.8pts while the HNX-Index inched up 0.1% to 216.0pts.

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