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Vietnam Daily Market Recap Sep 23, 2022

Daily Market Recap 23/09/2022    186


Market commentary: The VN-Index emerged in red hue owing to strong selling pressure among Financial large caps  

The VN-Index dropped 11.4pts to 1.203.3pts in the last weekday session under strong selling pressure in late trading among several large caps pillars. Reacting to unfavored news of the tensions escalated between Ukraine – Russia, along with the yesterday policy rate rising from the State Bank of Vietnam (SBV), the VN-Index opened in a cautious sentiment and fluctuated around the reference level within a narrow range for the whole morning sessions. However, the selling behavior started to accelerate in the afternoon, sinking the index further into red territory. Several Financial large caps suffered from strong correction cash flow, and presented a poor performance in today’s session. In contrast, the bright spot today is called the Insurance and Oil & gas sectors, whereas they went upstream spectacularly and performed strong gain sessions. Therefore, BVH (+5.8%) and GAS (+1.4%) became today top movers, while others although recorded a gaining session, contributed only modest points for the index, including OCB (+1.5%), MIG (+6.8%), HBC (+4.8%) and HDG (+2.1%). On the other hand, VCB (-2.7%), VIC (-1.1%), VPB (-1.8%), VHM (-0.9%) and BID (-1.1%) were today’s top laggards, dragged index deep into the red in late trading. Notably, foreign investors continued to net sell more than VND384bn in the whole market today. At the end of the sessions, the VN-Index dropped 0.9% to 1,203.3pts, and the HNX-Index also declined 0.5% to 264.4pts.

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