Vietnam Daily Market Recap Nov 29

Market Commentary: The VN-INDEX dropped 0.6% on strong selling against Financial stocks 

The VN-INDEX lost 8.2pts in the first trading day of the week as investors sold Financials, despite some support from the Real Estate sector. The U.S. stock market had a disappointing session last Friday, falling 2.5% as fears over the omicron variant of COVID spreads. In the Vietnam market, after the opening bell, pessimistic sentiment propelled the index to hit its intraday low of 1,464.8pts (-1.9%) within the morning session. The selling pressure targeted Financials large caps, led by VCB (-3.7%), TCB (-3.2%), BID (-2.1%), and VPB (-2.0%). These stocks took off 7.1pts from the index. Other large caps also lost ground including MSN (-3.2%), GAS (-2.6%), and HPG (-1.3%). Thus, the VN-INDEX stayed in the red territory for the whole session. On the other hand, some blue chips advanced and prevented the index from falling deeper. Notably, Real Estate had a positive day, with VIC providing the largest support. The stock rose 6.9% to its selling price, followed by other large caps such as VHM (+1.8%), SSI (+3.4%), VGC (+6.8%), and DXG (+7.0%). At the end of the session, the VN-INDEX plunged 0.6% to 1,484.8pts while the HNX-INDEX surged 0.4% to 460.6pts.

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