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Vietnam Daily Market Recap Nov 03 – LPB, VRE & Market Strategy

Daily Market Recap 03/11/2021    108

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Market Commentary: The VN-INDEX plunged 0.6% despite strong rise in early trading

The VN-INDEX dropped 8.2pts today after peaking at its all-time high due to strong selling pressure in the afternoon session. The VN-INDEX started the session in optimistic sentiment as the cash flow continued to push into the stock market. TCB was the biggest contributor today which rose 4.1% to VND53,700 and alone added 1.9pts to the index’s advance. Other banks stocks also joined the rally including BID (+2.6%), HDB (+6.3%), VCB (+0.8%), CTG (+%), MBB (+2.6%), OCB (+6.9%), STB (+4.7%),  and VPB (+2.3%). Thus, the index was pushed up to its all-time high of 1,463.6pts (+0.8%). As the index has been continuously making peaks recently, profit taking activities emerged before daybreak and pushed the VN-INDEX down 10pts. Several large caps lost ground, led by GVR (-6.7%), VHM (-2.5%), NVL (-2.7%), GAS (-1.3%), and HVN (-6.7%). However, just a few minutes after the sharp drop, the market also recovered quickly, making investors unable to keep up. In the early afternoon, a series of stocks continuously revolved around two colors of red and green. The VN-INDEX continuously reversed direction from falling deeply and then recovering, making many investors confused. At the end of the session, the VN-INDEX closed in the red of 1,444.3pts and the HNX-INDEX also plunged 2.0% to 415.7pts. In addition, the total trading value of the whole market today reached nearly VND52,000bn, setting a new record for the Vietnam stock market’s liquidity. 

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