Vietnam Daily Market Recap Apr 01 – Market Strategy & AST Initiation

Market commentary: The extraordinary was calling VN-INDEX

The VN30 basket of stocks played a central role in the market today, assisting the Index in preserving its upward momentum, resulting in a significant gain of 24.3pts to 1,516.4pts. VN-INDEX opened today cautiously with a gap down of 2.7pts. Oil and Gas sector continued to be target of selling pressure, reflecting unfavorable news as oil prices remained to stump, meanwhile, after the White House announced a “historic release” from its emergency reserves. The index fell to within striking distance of the critical support level of Technical Moving Average 20 (1.482.9pts) before bottom-fishing demand and capital flow switched to VN30, particularly Banking, Consumer Discretionary, Consumer Staples, and Information Technology sectors, allowing the market to rebound decisively. Having reached a high degree of consensus, the VN30 group has been successful in drawing money flow on a consistent basis, leading the market to rise constantly and conquer the crucial psychological resistance level of 1,500.0pts. Following the bullish moves of the morning, the Index continued to gain pace, reaching a session high of 1,516.4pts before entering the ATC session. The VN-INDEX, which saw a significant increase in liquidity of around 23% compared to yesterday, contributed to the spread of cash flow and positive market breadth. Stocks such as MWG (+7.0%), VPB (+3.8%), MSN (+3.0%), NVL (+3.1%), BID (+1.9%), and SAB (+3.9%) had a positive correlation with the market. Names that had a negative influence on the index, on the other hand, had a minor impact, such as BCM (-1.2%), LGC (-6.9%), and TMS (-4.1%). At the end of the session, the VN-INDEX increased 1.6% to 1,516.4pts, and the HNX-INDEX advanced 1.0% to 454.1pts.

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