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Vietnam Daily Market Recap Sep 08, 2022 – DGC

Daily Market Recap 08/09/2022    76

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Market commentary: Substantial selling pressure emerged at the end of session, the VN-INDEX continued its course correction

The VN-INDEX recorded oscillation around the reference level before selling pressure increased, causing the session to close with a drop of 8.6pts to 1,234.6pts. US stocks gained on Wednesday as traders hunted for bargains following a steep weekly decline. Amid an upbeat atmosphere, VN-INDEX opened optimistically in green and immediately rose to its intraday high of 1250.1pts although selling pressure soon appeared. The red hue continued to cover a series of large caps such as NVL, BCM, GAS, VCB… thus the pressure on the index was still quite large. Supporting from large-cap stocks such as VIC, MSN is essential to the recovery attempts in this morning’s session. The VN-Index increased by 1.3pts overall while VIC and MSN together brought back 1.7pts. The advance of a few pillar stocks at the end of the morning session assisted in bolstering the index. MSN had a 2.3% increase, SAB had a 2% increase, VIC had a 1.1% increase, and MWG had a 0.8% increase. When the afternoon session opened, demand increased in many sectors (especially Retail) and this helped pull the indexes above the reference level. In which, MSN (+2.6%), SAB (+2.4%), MWG (+1.8%), HPG (+1.7%)… Towards the end of the session, selling pressure continued to rise to a high level across all sectors and pushed many large caps down. In which, HVN fell to the floor (-6.8%),, SHB (-4.4%), GVR (-3.1%), BID (-2.9%), VCB (-2.5%), HDB (-2.3%)… Financial stocks including banks and securities are the weakest in the market today with 19/27 banking stocks closed down over 1% in value and 18 securities stocks dropped over 2%. The stocks exerting strain on the index include VCB (-2.5%), BID (-2.9%), GVR (-3.1%), HVN (-6.8%), CTG (-1.8%), VIB (-3.7%), VPB (-1.3%), SHB (-4.4%). MSN (+2.7%), SAB (+2%), NVL (+1.4%), VIC (+0.6%), MWG (+1.1%), DGC (+2.65%), VJC (+1%), DCM (+3.1%) today supported the market. At the end of the session, the VN-INDEX dropped by 0.7% to 1,234.6pts, and the HNX-INDEX decreased similarly by 0.7% to 282.1pts.

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