Vietnam Daily Market Recap Feb 08

Market Commentary: The market fought at the psychological resistance level of 1,500.0pts, and concluded the session with a modest gain of 3.3pts to 1,501.0pts

VN-INDEX struggled at the psychological resistance of 1,500.0pts and increased slightly by 0.2% to 1,501.0pts. The market was unable to maintain its positive momentum from yesterday as it began cautiously with a gap down of 1.4pts before falling to intraday low of 1,491.8pts. Here, bottom-fishing forces rushed in and assisted VN-INDEX in returning to the reference level as soon as the incident occurred. The market had a significant divergence; on one side, Material, Industrial Property sectors recovered strongly after deep drop in recently, and Banking stocks attracted money flow; on the other hand, VINGROUP-related stocks have continued to be the focus of foreign investors’ net selling momentum. The index oscillated around the psychological barrier level of 1,500.0pts and closed just at that level before the morning session ended. Leading stocks from the morning session aided in a minor gain of the market, which reached its highest level of 1,503.3pts before strong profit-taking action prompted the VN-INDEX to return to the red territory and continue to struggle at the reference level before entering the ATC session. HPG was (+5.8%) the cornerstone of today’s market, contributing 2.9pts to the index’s advance, followed by VPB (+2.8%), TCB (+1.9%), GVR (+2.5%), ACB (+3.0%). On the other side, VIC (-4.3%) continued to be net sold by foreign investors with a total value of VND290.3bn, followed by VHM (-1.2%), VNM (-1.8%), MSN (-1.6%), and DIG (-6.9%). At the end of the session, the VN-INDEX inched up 0.2% to 1,500.9pts, while the HNX-INDEX decreased by 0.3% to 417.9pts.

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