Vietnam Daily Market Recap Jan 10

Market Commentary: The VN-INDEX fell 24.8pts to 1,503.7pts due to strong selling pressure from the Oil & Gas and Finance sectors. 

The VN-INDEX decreased 1.6% to 1,503.7pts as the selling pressure from Oil & Gas and Finance sectors were exacerbated by the congestion on the HOSE exchange. The market began Monday’s session with a positive sentiment, aided by the Real Estate sector, but swiftly descended as the selling compulsion mounted on Banking, Securities stocks. Following that, VN-INDEX proceeded to diverge and fluctuate in reference level until the end of the morning section. The afternoon session began with a bit more optimism due to support from VINGROUP – related stocks; the market attempted to break beyond the previous three sessions’s high of 1,536.7pts but failed and promptly reversed direction. Selling pressure continued to target on large caps from Oil & Gas and Financial sectors, led by GAS (-5.1%), PLX (-2.3%), TCB (-1.6%), SSB (-4.0%), and SSI (-3.9%). Real Estate stocks also lost ground due to escalation of profit taking activities, including BCM (-6.9%), NVL (-2.9%), and GVR (-2.1%). Additionally, at around 14:15pm, HOSE exchange was suddenly barred, causing significant selling force and buying force, if any, to become more difficult to access, amplifying the downturn of the VN-Index. Certain stocks gained ground but were unable to reverse the market’s decline, including HVN (+2.4%), HAG (+6.9%), VRE (+0.7%), CTG (+0.3%), and HNG (+3.1%). At the end of the session, the VN-INDEX continued its steep decline in the ATC session, reaching a low of 1,503.7pts (-1.6%) near the strong support level of 1,500pts and the HNX-INDEX also fell -2.2 % to 482.9pts.

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