Vietnam Daily Market Recap May 29, 2023 – HDB, VCB, PC1 & Meat sector

Market commentary: The VN-Index advanced more than 1.0% as Financials stocks lead the rally

The VN-Index surged 11.2pts to land at 1,075.0pts on the first trading session of the week despite the selling pressure in late of previous session. The index kicked off the new week with a big gap up of 3.6pts as the SBV announcement of a third consecutive policy interest rate cut, ignited a significant rally. The market maintained trading above the opening point and closed the morning session above the resistance area of 1,070pts. The appearance of buying demand continued to rally and target Securities stocks including such names as VND (+6.9%), SSI (+3.8%), HCM (+3.0%); and several stocks of Banking and Real Estate sector, causing the index to soar further in the afternoon session. Although the Securities stocks contributed remarkably to the rally of the index, Banks stocks were the main drivers of the index’s advance. VCB (+1.2%) became today’s major traction alone adding 1.2pts for the index, followed by other blue-chips, including GVR (+5.8%), VIC (+1.4%), BID (+1.2%), VHM (+0.9%). On the other hand, MSN (-0.6%), DHG (-2.7%), PGV (-1.2%), PNJ (-0.8%), and SAB (-0.1%) were today’s top laggards, preventing the index from rising further. At the end of the session, the VN-Index moved up by 1.1% to 1,075.0pts and HNX-Index also rose by 1.2% to 220.3pts.

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