Vietnam Daily Market Recap Sep 19, 2022

Market commentary: The VN-INDEX immersed in the red in late trading

Many large caps sold off in the last minutes of the session, causing the VN-Index to drop 28.6pts to 1,205.4pts – the lowest level since the end of July until now. The influence from the negative sentiment in the Friday session of last week led to the VN-Index decline at the beginning of the session. Strong selling pressure from the VN-30 group today was one reason for the market’s sharp drop. In which, GVR touched the floor to VND22,900 and had the most negative impact on the VN-Index. The stock was followed by the Banking sector such as BID (-3.7%), VCB (-1.5%), CTG (-2.7%), TCB (-2.6%), MBB (-3.7%), and VPB (-2.1%). The Index has nearly 400 stocks closing below reference today, including 61 floor codes. In contrast, VIC gained 0.6% and FPT increased 0.7% and became the backbone of the market. The sell-off brought liquidity up rapidly in the last minutes of the session. The market shook strongly, thus the liquidity on HOSE also increased to over VND16,700bn. This figure is higher than the average of the last 6 months, but still much lower than the period before April – when the market has not yet appeared information about the stocks being manipulated. Notably, taking advantage of the correction of many stocks, foreign investors disbursed and broke the chain of net selling in the previous four sessions. Total net buying value was VND134.3bn, mainly focused on HPG, DGC, and VNM. At the end of the session, the VN-Index dropped 2.3% to 1,205.4pts, and HNX-Index also declined 3.2% to 264.25pts.

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