Vietnam Daily Market Recap Aug 02

Market commentary: The VN-Index had its 2nd gaining session in a row

The VN-Index maintained a solid rising session thanks to the assistance of pillar stocks, with exceptional momentum and liquidity, closing the day up 10.3pts to 1,241.6pts. Stocks across Asia dropped on Tuesday as US House Speaker Nancy Pelosi’s expected visit to Taiwan raised the prospect of a forceful response from China’s military, and the VN-Index opened cautiously with a gap down of 1.1pts. The Index had a rocky morning session as profit-taking sellers emerged after yesterday’s significant advance. The market acts as if the point of reference were an axis, and its movements revolve around that point. The Banking, Chemical, and Industrial Real Estate sectors all contributed to the index’s decline. Meanwhile, the capital flow to sustain the market was drawn by the penny group and several VN30 stocks. The VN-Index rose sharply thanks to backing from pillar codes, in contrast to the erratic fluctuations seen earlier in the day. Before the start of the ATC session, the Index had already reached 1,241.9pts, its highest level of the day. This was achieved after an impressive rally that saw it break over the 1,220-1,230pts resistance zone. Notably, liquidity continued to improve slightly today, playing an important role in supporting the index’s gain. Today, the VN-Index was supported by a number of blue-chip firms; 8.4pts of the market’s 10.3pts came from VHM (+4.2%), VCB (+2.5%), VIC (+2.9%), SAB (+2.6%), NVL (+1.3%), and FPT (+1.2%). But the subtraction of just 1.7pts was caused by BID (-1.3%), TCB (-0.8%), PLX (-1.9%), DGC (-2.5%), KBC (-1.9%), and CTG (-0.4%). At the end of the session, the VN-INDEX increased by 0.8% to 1,241.6pts, and the HNX-INDEX inched up by 0.4% to 295.8pts.

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