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Vietnam Daily Market Recap May 31, 2022 – SZC, Oil & Gas and Meat production sector

Daily Market Recap 31/05/2022    37


Market commentary: At the key resistance region, a surge in profit-taking was seen

The biggest support for the market today came from the Oil & Gas group; although profit-taking intensified quickly at an important resistance region, VN-INDEX closed down slightly by 1.2pts to 1,292.7pts. Hong Kong’s Hang Seng index gained 0.8%, after data showed China’s manufacturing activity in May at a slower pace than the previous month, while, VN-INDEX opened cautiously with a gap of 5.3pts. From the very first minutes, the market was subject to pressure from Banking and Material stocks to perform a corrective movement. The Oil & Gas sector, on the other hand, surged strongly after gaining a bunch of favorable news, such as China relaxing it’s containing covid-19 policies and EU leaders agreeing to restrict the majority of Russian oil imports. The market crept steadily towards the reference level and recovered its green hue as the morning session neared its conclusion. When the market neared the significant resistance zone of 1,290.0 – 1,300.0pts, contrary to the positive morning trends, profit-taking intensified. Particularly, the Banking, Materials, Information Technology, and Real Estate sectors were subject to heavy selling pressure, pushing Index back to near the lowest level of the session. GAS (+7.0%) alone contributed 3.7pts, followed by VCB (+1.2%), MSN (+2.2%), CTG (+2.2%), DGC (+4.0%), DCM (+7.0%). Notably, due to divident payment, VHM became the top laggard despite increased 1.6% in prices. Other top laggards included HPG (-2.1%), VPB (-1.9%), BID (-1.3%), TCB (-1.6%), VNM (-1.1%) were stocks that fell. At the end of the session, the VN-INDEX decreased slightly by 0.1% to 1,292.7pts, while the HNX-INDEX increased 0.6% to 314.6pts.

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