Vietnam Daily Market Recap Sep 28

Market Commentary: The VN-INDEX regained after yesterday’s strongly thanks to bottom-fishing activities 

The VN-INDEX gained 14.3pts thanks to positive performance across all sectors. After losing 26.2pts in yesterday’s session, Vietnam’s main stock market opened in a pessimistic manner and quickly dropped below the reference point as almost all large caps started trading in the red. SAB has the most negative impact on the market, which fell 1.2% to take 0.3pts off from the index’s move. The stock was followed by BCM (-1.8%), HVN (-2.2%), LGC (-6.8%), and VPB (-0.3%). However, as the index dropped sharply in the previous session, bottom-fishing demand gradually appeared, helping the VN-Index narrow the downtrend and return to the reference level. The largest support today came from GAS, which rose 5.7% to VND95,100 and alone contributed 2.6pts to the index’s advance. Other large caps also joined the rally and strengthened the uptrend, led by HPG (+3.5%), VCB (+1.2%), BID (+1.8%), and BVH (+3.9%).Thus, the index gradually climbed to its intraday high of 1,341.8pts (+1.3%). In addition, foreign investors also had a successful session today with a net bought value of VND470.3bn and mainly focused on HPG, VNM, and HCM. At the end of the session, as all sectors rose, the VN-INDEX closed in the green at 1,399.3pts (+1.1%) and the HNX-INDEX also surged 0.9% to 356.0pts.

Read the full report: HERE