Vietnam Daily Market Recap Nov 08, 2022 – MBB, VNM

Market commentary: The effort to recover of VN-Index

The VN-Index had a slight increase of 6.5pts to 981.7pts after yesterday bearish. The U.S. stock market gained slightly on the expectation that the interest rate hike would soon cool down. However, the negative sentiment dominanted the domestic market since yesterday, causing the VN-Index to drop 14.26pts right from the opening. The rise of financial stocks marked the attempt to return to the reference level of the VN-Index. Nevertheless, the selling pressure from the real estate and material sectors wiped out the recovery effort. Moving to the afternoon, the rising momentum from the financial stocks, namedly STB (+6.1%), LPB (+6.1%), and SHB (+4.2%), supported the VN-Index to narrow down the decline. Moreover, the significant gain from the energy and consumer discretionary sectors helped the index to bounce back. The index movers included BID. (+4.8%), VCB (+1.1%), GAS (1.3%), MWG (+4.1), and CTG (+2.1%). On the other hand, NVL (-7.0%), HPG (-4.0%), PDR (-7.0%), SAB (-0.5%) and DIG (-7.0%) were the market laggards. At the end of the session, the VN-Index edged up 0.7% to 981.7pts, while the HNX-Index gained 0.6% to reach 199.8pts.

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