Vietnam Daily Market Recap Jan 24 – PNJ & SCS

Market Commentary: Panic selling in the afternoon caused the VN-INDEX down 33.2pts to 1,439.7pts 

Panic selling in the afternoon prompted the VN-INDEX to plummet 2.3% to 1,439.7pts, completely erasing the gains made in the previous three recovery sessions. The market opened in a negative sentiment with a gap down of 6.6pts. The Banking sector with impressive gains in the morning could not prevent profit-taking pressure from stocks that have had technical recovery in the last 2-3 sessions including Securities, Real Estate, Construction,… The market fell 18pts, but money flow was late in catching the bottom, causing the market to swiftly rebound to -8pts level before the morning session ended. In the afternoon session, the market continued to fall precipitously; panicked investors sold out, forcing the market to fall to Technical Moving Average 100 (1,430.0pts). The bottom-fishing force reappeared here, assisting VN-INDEX in regaining some ground before entering the ATC session. VHM (-4.0%), HPG (-6.0%), MSN (-5.3%), GVR (-6.9%), VRE (-6.3%), and VPB (-6.3%) were the six large-cap stocks that detracted 14pts from the VN-INDEX. On the other hand, VCB (+4.3%) provided 3.7pts to the index due to its strong demand in ATC session, followed by other Bank  stocks such as ACB (+2.7%), TCB (+1.0%), MBB (+0.9%), and EIB (+1.2%). At the end of the session, the VN-INDEX decreased dramatically 2.3% to 1,439.7pts, and  the HNX-INDEX also decreased 4.1% to 400.8pts.

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