Vietnam Daily Market Recap May 25, 2023 – Infrastructure construction sector

Market commentary: The VN-Index crept higher after SBV’s policy interest rates cut became effective

The VN-Index closed 2.8pts higher after a 2-day drop. The market opened on a pessimistic note with the VN-INDEX plunging to an intraday bottom of 1,058.0pts amid low trading liquidity. The cautious sentiment was mainly due to policymakers in the US struggling to land a deal on the debt ceiling and avert an unprecedented government default. The main index then slightly recovered, led by Industrial Property stocks although selling pressure quickly came back and pushed the index down into bearish territory. Contrary to the market, O&G tickers witnessed an upbeat trading day, of which GAS increased by 2.4%, becoming today’s largest driver and alone contributing 1.1pts to the index. In the afternoon, blue-chips suddenly staged a comeback, lifting the VN-Index 6.4pts from its low to the highest level. The market drivers, including GAS (+2.4%), VCB (+%), GVR (+4.0%) and VHM (+0.9%) added points to the index’s advance. In contrast, VPB (-1.0%), STB (-1.5%) and CTG (-0.5%) were the top laggard stocks. At the end of the session, the VN-Index moved up by 0.3%, reaching 1,064.6pts; while the HNX-Index rose by 0.4% to 216.8pts.

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