Vietnam Daily Market Recap Jan 07

Market Commentary: The VN-INDEX moved sideways and closed at 1,528.0pts

The VN-INDEX moved sideways and closed at 1,528.5pts due to the divergence between large-cap and small-cap stocks. Following yesterday’s session, the market first gapped up to the green right after the opening bell, owing mostly to support from the Oil & gas sector. Hence, GAS became top performer in today’s session by increasing 3.7% and adding 2pts to the index’s advance. Other large caps also contributed to the uptrend, including PLX (+1.4%), POW (+4.7%), BID (+3.2%), DIG (+6.9%) and VCB (+0.9%). However, this support was insufficient to maintain the VN-INDEX’s upward momentum; shortly after achieving the intraday high of 1534.0pts, the market immediately plummeted as profit-taking activities forced on large-cap stocks and then fluctuated for the remainder of the trading session. VIC (-2.2%), CTG (-2.4%), NVL (-2.0%), VIB (-1.6%), and SSB (-3.4%) contributed to the decline of the market. At the end of the session, 167 stocks had reached the session’s ceiling price on all three exchanges, but the heavy selling of large-cap stocks stymied the increase. At the end of the session, the VN-INDEX lost its momentum and settled at the reference level of 1,528.5pts, while the HNX-INDEX gained 1.9% to 493.8pts.

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