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Vietnam Daily Market Recap Sep 20, 2022 – Banking sector

Daily Market Recap 20/09/2022    44


Market commentary: The VN-INDEX had a V-shaped recovery session as investors sought to buy in the afternoon

The market experienced a volatile day, with the index closing up by just 13.5pts at 1,218.9pts following a strong afternoon rally and heavy selling pressure in the morning. Shortly after the opening bell, the VN-INDEX entered the green territory with a gap of 9pts but gradually plunged into the red. The market was pushed further into bearish territory by the selling pressure that appeared across all sectors, including banking, securities, real estate, materials, and retail. The morning session ended close to psychological support of 1,200pts. In contrast to the pessimistic tone of the morning session, the afternoon session saw a strong activation of the bottom-fishing money flow right away. The securities sector was the first to benefit from the capital inflow, which then spread to other industries such as banking, real estate, and other large caps. Despite liquidity being low, the price effect was very positive when the afternoon market experienced a widespread large-scale price recovery. The fact that the VN-Index rises from the psychological level of 1,200 points gives the impression that the market is being supported. This is a favorable condition at a critical juncture in the short term, when the FED will hold a meeting to discuss raising interest rates. Today’s market pillars were BID (+2.8%), VIC (+1.6%), CTG (+2.0%), GVR (+2.6%), VHM (+0.9%), GAS (+1.0%) and HPG (+1.6%). BCM (-0.8%), VCG (-2.4%), VSH (-2.5%), BHN (-1.5%), KDH (-0.7%), and HAH (-4.1%) are the names that put pressure on the index. At the end of the session, the VN-INDEX managed to close in the green territory, gaining 13.5pts to 1,218.9pts with 250 gainers and 86 losers, while the HNX-INDEX increased marginally by 1.0% to 266.9pts.

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