Vietnam Daily Market Recap May 30, 2023

Market commentary: The VN-Index advanced 0.3% as Banking stocks lead the rally

The VN-Index surged by 3.1pts, closing near its intraday high at 1,078.1pts on steady momentum and explosive liquidity. Following the upbeat sentiment in the prior trading session, the market opened positively with a gap of 3.8pts. It immediately achieved its intraday high of 1,079.3 before selling pressure quickly emerged and pushed the index down. Hence, the index closed the morning session below reference point. After a slight rebound in early afternoon, which turned the index into a glimpse of green hue, the bearish sentiment reappeared making the index drop further to its intraday low of 1,071.0. However, when the index came near ATC session, the strong buying demand boomed and lifted VN-Index to close near its intraday high with liquidity more than 27% compared to the 20-day average. VCB (+1.5%) became today’s major traction, alone adding 1.6pts for the index with other market leaders including MSN (+1.7%), MWG (+1.8%), FPT (+1.1%), DGC (+4.5%). VHM became the largest laggard, dropping by 1.1% to VND54,900, followed by other large-cap stocks, preventing the Index from growing further including GAS (-1.0%), VNM (-0.9%), VIC (-0.6%) and PGV (-2.8%). At the end of the session, the VN-Index raised by 0.3% to 1,078.1pts, and HNX-Index also rose by 0.5% to 221.3pts.

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