Vietnam Daily Market Recap Jan 12

Market Commentary: VN-INDEX surprisingly increased 1.2% to 1,510.5pts

The VN-INDEX rose 18.2pts to 1,510.5 pts, backed by the Financials and Oil and gas sector. This morning, the market displayed two stark contrasts: Real estate stocks fell dramatically on negative news that Tan Hoang Minh Group will cancel the auction contract of “golden land” in Thu Thiem, while the Oil and Gas sector surged on favorable news that the world oil price climbed by 4% yesterday. The market diverged and struggled at the MA20 support level before abruptly falling and piercing the MA50 strong support level. DIG (-6.9%), GEX (-6.9%), PDR (-2.8%), VNM (-0.7%), and TCH (-6.9%) were top losers today which together wiped 2.9pts off the VN-INDEX. After that,  the bottom-fishing cash flow was instantly initiated, assisting the VN-INDEX in recovering before the morning session ended. In the afternoon session, the Financial stocks led by BID (+7.0%), TCB (+4.0%), CTG (+3.5%) rose significantly, aiding the VN-INDEX in making a spectacular recovery, breaching the 1,500.0pts level. Other top gainers such as GAS (+4.6%), HPG (+2.4%), and BCM (+6.3%) also contributed to the index’s advance. At the end of the session, VN-INDEX climbed 1.2% to its intraday high of 1,510.5pts, while HNX-INDEX fell 1.7% to 473.6pts.

Read the full report: HERE