Vietnam Daily Market Recap May 30, 2022 – FPT, Market Strategy, and Wood & wood products sector
Daily Market Recap 30/05/2022 25
Market commentary: The VN-INDEX maintained its upward momentum for the fifth trading sessions
Foreign investors were net purchasers to the value of VND1,675.3bn, enabling the VN-INDEX to sustain its upward momentum and close the session up 8.5pts to 1,293.9pts. US stocks snapped a seven-week losing streak on Friday, as investors bet that softening economic data would be enough to slow the Federal Reserve’s tightening of monetary policy, and VN-INDEX opened positively with a 4.6pts gap up. The market exhibited signs of divergence in the morning, when the index was oscillating about the reference level within a rather tight range. Indeed, Oil & Gas as well as Real Estate sectors made significant gains and became the major pillars of the Index. On the other hand, VN Diamond stocks, after gaining strongly in the previous sessions, were under correcting pressure. Following erratic movements in the morning session, the VN-INDEX was able to make a significant recovery during the afternoon, thanks to strong support from Banking and Aviation stock groups. Although the Oil & Gas sector experienced an unexpected profit taking force in late afternoon, the market was capable of hitting its session high of 1,296.2pts before the start of the ATC session. VHM (+1.2%), VJC (+4.3%), VCB (+0.8%), BID (+1.3%), VPB (+1.6%), VIC (+0.6%) were stocks that had a positive correlation with the Index. In contrast, MWG (-1.0%), VNM (-0.7%), BCM (-0.7%), SSB (-0.9%), FPT (-0.5%), PNJ (-1.5%) were the factors causing the decline. At the end of the session, the VN-INDEX increased 0.7% to 1,293.9pts, and the HNX-INDEX increased 0.5% to 312.8pts.
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