Vietnam Daily Market Recap Jan 30, 2023

Market commentary: The uptrend broke, VN-INDEX covered in red hue for the whole session

The VN-INDEX broke its gaining streak, dropping 14.5pts to 1,102.6pts due to strong selling pressure across blue-chip stocks. In contrast with positive momentum from previous days, the VN-INDEX opened with a glimpse of green hue before sinking into the red territory with an 8.0pts gap down. However, several Steel and Real estate large caps fought back, driving the index to go up for a while, approaching the reference level. After that, the strong correction pressure spread all over the market, targeting several large caps that had recorded a strong bullish run in previous days, stopping the uptrend and causing a deeper fall. The downward momentum accelerated in the afternoon, causing some of the morning’s high performers, such as HPG, REE, BCG, and DIG, to suffer with thinner gains. Besides, Vingroup related stocks as well as Financial large caps were the main reasons for today’s loss with VCB becoming top laggard, dropping 3.3% and alone erasing 3.6pts from the index. Other market pillars also lost ground including VHM (-3.4%), VIC (-2.5%), ACB (-3.6%), CTG (-2.0%) and VRE (-1.7%). On the other hand, HPG (+1.2%), HDB (+3.1%), REE (+1.4%) DIG (+5.3%) and SSI (+0.2%) were some of the minimal tractions, preventing further decrease. At the end of the session, the VN-INDEX dropped 1.3% to 1,102.6pts while HNX-INDEX stayed in humble green with a 0.01% increase to 220.8pts. 

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