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Vietnam Daily Market Recap Jul 29, 2022

Thông tin đấu giá/ IPO 29/07/2022    88

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Market commentary: The ETFs equity structure day saw a small decline in the VN-Index

The VN-Index kept its early-day momentum going, but it came under corrective pressure in the afternoon and closed the day down 1.8pts at 1,206.3pts as the ETFs reorganized their holdings. US equities rose, extending gains that began on Wednesday after the Fed lifted its main interest rate by 0.75%pts for the second straight month, and the disappointing data on Thursday further pushed down expectations for Fed rate rises for the remainder of this year, and the VN-Index opened positively with a gap increase of 6.2pts. With the momentum from the previous session, the VN-Index continued to advance significantly on the back of Real Estate, Securities, and Banking sector. However, after reaching the session high of 1,217.8pts and being so close to the resistance level of 1,220.0pts, corrective pressure began to materialize throughout the whole market. This was notably apparent for Fertilizer and Chemical stocks when commodities prices were adjusted dramatically. When the ATC session was ready to begin in the afternoon, the Index had been driven to the reference level by the corrective pressure that had built up during the session. Noticeably, ETFs had a structural activity today, making ATC highly noisy when main stocks experienced large supply and demand, generating a disproportionately huge impact. Components of the index that saw selling pressure today were VIC (-4.5%), MSN (-3.5%), VCB (-0.8%), DGC (-6.9%), CTG (-1.4%), and FPT (-1.6%). Conversely, VHM (+1.9%), SAB (+4.1%), BID (+2.2%), GAS (+1.1%), TCB (+1.6%), and BCM (+2.2%) have emerged as industry leaders today. At the end of the session, the VN-INDEX decreased slightly by 0.2% to 1,206.3pts, and the HNX-INDEX plummeted marginally by 0.4% to 288.6pts

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