Vietnam Daily Market Recap Dec 29

Market Commentary: The VN-INDEX lost ground due to strong selling pressure in the afternoon session

The VN-INDEX dropped 8.6pts to 1,485.8pts due to strong selling pressure in the afternoon session. The market reacted to the solid GDP announcement of  5.2% yoy in 4Q21 and quickly moved to the green territory right after the opening bell to touch its intraday high of 1,498.6pts. Several financial large caps contributed to the index’s gain, including VIB (+2.8%), SSB (+2.4%), CTG (+0.7%), VPB (+0.6%), and LPB (+2.5%). However, the uptrend momentum was then extinguished as selling pressure emerged, causing the index to decelerate and then fluctuate around the reference level until noon break. In the afternoon session, the negative sentiment spread out, causing the index to lose ground and sank to the red territory. Notably, VIC became the top laggard in today’s session by dropping 2.9% and alone erasing 2.9pts from the index. Other large caps also lost ground, including VHM (-1.3%), GVR (-2.5%), GAS (-1.1%), and VCB (-0.6%). At the end of the session, the VN-INDEX edged down 0.6% to 1,485.8pts and the HNX-INDEX also decreased 0.1% to close at 457.8pts.  

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