Vietnam Daily Market Recap May 26, 2022 – Power sector
Daily Market Recap 27/05/2022 39
Market commentary: The VN-INDEX shown hesitation near the critical resistance level
After a strong advance the previous day, the VN-INDEX hesitated at the crucial resistance level of Technical MA20 (1,275.5pts), and ended flat at 1,268.6pts. Wall Street stocks extended their earlier gains on Wednesday afternoon, reacting on the Fed’s recent policy meeting to tame stubbornly high inflation, and VN-INDEX opened positively with a increasing gap of 5.4pts. The market quickly approached the vital resistance level MA20 as most sectors gained strongly; nevertheless, the selling force was significantly triggered when it reached this point. The index moved within a tight range throughout the morning session, despite the fact that its liquidity had somewhat improved since the previous day. However, the market entered the afternoon session with a substantial decline in liquidity, after the unanticipated oscillations that occurred during the morning session. When profit-taking pressure lacked a reciprocal demand, it drove the VN-INDEX into bearish territory, where Consumer Discretionary, Financials, Consumer Staples were the primary factors. However, bottom-fishing cash flow then engaged towards the close of the afternoon session, assisting the market’s recovery to the reference level before the start of the ATC session. Losers side and gainers side were in balance in today, VHM (+1.2%), HPG (+1.6%), PLX (+2.8%), REE (+4.5%), BID (+0.6%), ACB (+1.2%) contributed 2.8pts, while MSN (-1.7%), VPB (-1.4%), NVL (-1.1%), GAS (-0.7%), MBB (-1.4%), VCB (-0.4%) took away 2.7pts from VN-INDEX. At the end of the session, the VN-INDEX unchanged and closed at 1,268.6pts, and the HNX-INDEX decreased slightly 0.5% to 313.3pts.
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