Vietnam Daily Market Recap Sep 07, 2022

Market commentary: VN-INDEX tumbled as selling pressure took over the market

The VN-INDEX witnessed a significant drop of 34.2pts to 1243.2pts since selling pressure rose in all sectors. Wall Street’s main indexes decreased on Tuesday amid an ISM report showing that the U.S services industry increased in August. It reinforced the belief that the Fed would raise interest rates in its September meeting. The VN-INDEX reacted immediately, opening with a slight drop of 2.8pts gap. In the morning session, the oil and gas stocks decreased notably, in which, PVD (-7.0%), PVS (-8.5%), and PVB (-8.2%) dropped as the Brent oil price fell. Although there was a time steel stocks such as HSG and NKG attracted the money inflow, the index still lost points when it moved to the break. After the noon break, the profit-taking seller emerged on the market. The selling pressure spread thoroughly, resulting in all sectors losing points. The Energy, Industrials, and Consumer Discretionary sectors dropped the most points. Besides, the bear run market made the liquidity reach 955m, equivalent to more than VND22,000bn. Several large-cap stocks slumped, such as VCB (-3.3%), BID (-5.6%), GAS (-3.9%), VHM (-2.6%), and VPB (-3.5%). Together, they took away 11.4pts from the VN-INDEX. NVL (+2.1%) was one of the top leaders, contributing 0.8pts to the VN-Index. Others included PDN (+7.0%), DPG (3.8%), TLG (1.7%), and KOS (+1.0%). After the ATC, the VN-INDEX decreased by 2.7% to 1243.2pts. Meanwhile, the HNX was down by 9.2% to 284.1pts.

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