Vietnam Daily Market Recap Aug 09, 2022 – VJC & PVS

Market commentary: Green prevailed, and the VN-Index rose slightly

The VN-Index started green, but in the afternoon there was a sudden drop and then a recovery in a V-shape, which ended the session with a gain of 2.1pts to 1,258.9pts. Wall Street stocks moved slightly lower on Monday, adding to small losses in the previous session when a hot US jobs report stocked expectations of a more aggressive interest rate rise campaign by the Federal Reserve and VN-Index opened cautiously with a 3.6pts gain. The market was blanketed with a green hue, thanks to the help of Banking, Materials, and Chemicals. However, as the Index approached the resistance zone of 1,262-1,265.0pts, selling pressure increased sharply, preventing the market from breaking through this level in the morning. The VN-Index was pushed back into the red in the afternoon trading session as profit-taking and corrections escalated substantially throughout the market. To help the market rebound in a V shape before ATC commenced, bottom-fishing demand stepped in right away. The stocks that boosted the market were NVL (+1.8%), HPG (+2.2%), VIC (+1.1%), GAS (+0.9%), DGC (+4.0%), and VPB (+0.8%). Meanwhile, VCB (-1.5%), VHM (-1.0%), CTG (-0.7%), BID (-0.4%), REE (-1.9%), and SAB (-0.4%) put pressure on the index. At the end of the session, the VN-INDEX edged up 0.2% to 1,258.9pts, while the HNX-INDEX was unchanged and closed at 301.4pts.

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