Vietnam Daily Market Recap Aug 17 – PVS & NVL

Market Commentary: The VN-INDEX dropped 0.6% on strong selling against Real Estate stocks

The VN-INDEX decreased 7.9pts to close in the red as selling pressure targeted Real Estate sectors. After the opening bell, the VN-INDEX started in a positive sentiment and stayed in the green territory for the morning session. The largest support came from Steel stocks with HPG (+1.9%), HSG (+4.5%), and NKG (+5.1%), together contributing 1.5pts to the index’s move. Other large caps also joined the rally including VIC (+0.6%), VCB (+0.4%), GVR (+0.8%), and LPB (+4.0%). However, selling pressure emerged before daybreak targeting Real Estate stocks and pushing the index down to the red territory. VHM became today’s top laggard, which fell 4.3% and alone took 4.5pts off the index. Other Real Estate stocks followed the downtrend led by VRE (-1.6%) and NVL (-0.6%). Large caps from the Financials sector also lost ground including TCB (-1.3%), CTG (-1.4%), BID (-0.8%), and VPB (-0.8%), thus pushing the index to its intraday low of 1,359.1pts (-0.9%). In addition, foreign investors continued to net sell for the sixth consecutive session and mainly focused on VHM, VIC, and HPG.  At the end of the session, the VN-INDEX plunged 0.6% to 1,363.1pts and the HNX-INDEX also decreased 0.1% to 343.1pts. 

Read the full daily report: Daily Market Recap Aug 17