Vietnam Daily Market Recap Sep 06, 2022

Market commentary: VN-INDEX continued to see increasing selling supply

The VN-INDEX continued to move sideways in a narrow range for the third consecutive session. Although the money flowed into the VN-INDEX, it was still difficult to break out of the resistance zone when there was continuous selling. Specifically, the VN-INDEX started positively at the beginning of the trading day with the opening of a 5pts gap. The demand continued and focused on the banking group with the expectation of raising the credit ceiling. This helped the VN-INDEX hit the highest level of the day at 1,286.90 points (+9pts vs. reference level). However, the selling appeared soon after, followed by an increase in supply when stocks returned to their accounts at the beginning of the afternoon, causing the VN-INDEX to drop to near the reference level. Banking was the leader today with the price increases in almost every bank. BID (+1.4%) became the top leader, contributing 0.7pts to the index. Other top leader included CTG (+1.1%), NVL (+0.7%), VRE (+1.8%), and POW (+2.1%). On the contrary, top index laggards consisted of VIC (-1.1%), HPG (-1.5%), BCM (-1.8%), GVR (-1.2%), and DCM (-4.6%). The increased selling force made the VN-INDEX drop to the reference level and closed at 1,277.4pts. Meanwhile, HNX-INDEX slightly rose 0.2% to 293.3pts while UPCOM-INDEX sank 0.1% to 91.6pts.

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